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BNY Mellon intends to create a platform for digital asset custody later this year.

According to reports, the investment bank will begin operations in the United States and subsequently expand globally based on market demand.

BNY Mellon, a large investment bank, is establishing a platform for institutional customers to get exposure to digital assets.

Customers will be able to store the world’s most popular cryptocurrencies, Bitcoin (BTC) and Ether (ETH), in BNY Mellon crypto wallets powered by Fireblocks technology, according to a report by City A.M. However, once regulatory license is obtained, the service will gradually expand and incorporate a diverse range of tokenized traditional and digital assets.

According to the investment bank, the new service will be available later this year. Additionally, BNY Mellon stated that it will be “first to join” the worldwide digital custody market.

Mellon aims to begin in the United States before expanding globally based on demand, the article states. Following the service’s introduction in the United States, Talia Klein of BNY Mellon projected that it would expand to the United Kingdom.

“I think what we’re seeing in the UK is that there’s a really vibrant and active digital assets market here.” 

In February of last year, the bank announced its plan to hold, transfer, and issue Bitcoin and other cryptocurrencies on behalf of its clients as an asset manager. BNY Mellon and Grayscale Investments announced a relationship in July 2021 to provide a range of services for Grayscale’s main Bitcoin investment product.

As previously reported, BNY Mellon has teamed with Chainalysis, a blockchain data and analysis startup, to integrate Chainalysis compliance technologies into its risk management system.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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