New York-based bank BNY Mellon opens its digital assets division and develops a platform for managing cryptoassets.
The new division of BNY Mellon will develop corporate solutions to serve the players of the cryptocurrency space. The bank announced the need to create services that can meet the requirements of firms whose needs are growing as the digital asset industry develops. The development team will be led by Mike Demissie, Head of Advanced Solutions at BNY Mellon.
The Digital Assets Division will work to create a secure infrastructure for the transfer, storage and release of cryptoassets. This will draw on BNY Mellon’s investment management expertise alongside the cutting edge technology of fintech firms. Demissi said that by leveraging the blockchain technology that powers cryptocurrencies, BNY Mellon will improve service delivery efficiency and enhance the security of asset storage.
“BNY Mellon was one of the first banks to introduce an integrated service for digital assets. We see that customer demand for digital assets is growing, innovative solutions are reaching high levels, and regulators are getting better at working on cryptocurrency regulations. All of these factors allow us to expand our services in this evolving industry, ”said Roman Regelman, CEO of Asset Servicing and Head of Digital Technologies at BNY Mellon.
Caroline Butler, BNY Asset Custodian Leader Mellon, believes that digital asset availability is critical to transforming custody services. The creation of a “bridge” between traditional finance and the cryptocurrency space will form the foundation for the development of innovation. The integration of cryptocurrencies will improve the storage and management of assets, as well as other segments where BNY Mellon is a key service provider.
As a reminder, in 2019, BNY Mellon joined the trade finance platform Marco Polo, powered by the R3 Corda blockchain. The bank’s management believes that the potential of blockchain can be effectively used to fund open accounts.
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