BNY Mellon’s Crypto Custody Service: A Revolutionary Step Forward for the Cryptocurrency Industry
Without a doubt, the popularity of cryptocurrency is increasing progressively. The fact that a technological revolution is currently taking place in our economy is a sign of the times.
However, despite the fact that many people have been indulging themselves in digital currency and how much of their financial lives can be accomplished via crypto, the concept of a digital currency is still being opposed by Banking institutions in many different countries. They believe that implementing one will only increase the financial system’s vulnerability to potential cybersecurity threats like ransomware and threats to financial stability.
Now, Due to the strong demand from clients for a trustworthy provider of both traditional and digital asset servicing, Several banking institutions are now beginning to be more receptive to the idea of creating a financial infrastructure to support digital assets
The Oldest Bank in the US Finally Enters the Cryptocurrency Market
Bank of New York Mellon (BK), the oldest lender in the United States and the largest custodian bank in the world, announced that its Digital Asset Custody platform would begin holding Bitcoin and Ethereum on behalf of its customers with software developed alongside crypto custody provider Fireblocks.
According to a post in The Wall Street Journal, the service becomes available today for a limited number of investment businesses using the bank’s accounting platform. With certain clients now able to keep and transfer ether and bitcoin. This accomplishment highlights BNY Mellon’s dedication to meeting customer needs for a reliable service provider of both traditional and digital asset services.
BNY Mellon Partners With Fireblocks and Chainalysis to Secure Digital Assets
In order to meet clients’ current and future security and compliance needs across the digital asset space, BNY Mellon will work hand in hand with market-leading fintechs, Fireblocks, and Chainalysis to integrate their technology. This will help BNY Mellon achieve its goal of being a trustworthy service provider of digital asset services.
Caroline Butler, CEO of Custody Services at BNY Mellon, declared that as the biggest custodian in the world, BNY Mellon was the obvious choice to develop a secure digital asset custody platform for institutional customers. “In order to meet our client’s changing demands, we will keep innovating, utilizing new technologies, and collaborating closely with them.”
Final Thoughts
Since then, until today, banking and finance have been and are still an integral part of our lives. Although the idea of cryptocurrencies taking over traditional finance remains inconclusive, it is still nice to know that more and more banking institutions don’t like to be left out of this change and are open to progressively integrating digital assets into their services.
