BNY Mellon announces digital assets unit

BNY Mellon announced the formation of a new enterprise Digital Assets unit that will accelerate the development of solutions and capabilities to help clients address growing and evolving needs related to the growth of digital assets, including cryptocurrencies.

The cross-functional, cross-business team, which will be led by Mike Demissie, head of Advanced Solutions at BNY Mellon, is currently developing a client-facing prototype that is designed to be the industry’s first multi-asset digital custody and administration platform for traditional and digital assets.

Roman Regelman, CEO of Asset Servicing and head of Digital at BNY Mellon, said in a statement that it’s expected to be launched later this year, adding: “The Digital Assets unit plans to deliver a secure infrastructure for transferring, safekeeping and issuing digital assets. Consistent with our open-architecture approach, the unit will leverage BNY Mellon’s digital expertise and leading technologies from fintechs and other collaborators to speed up product development and help our clients tap into the best available solutions in the market.”

It’s also expected that by using advanced solutions such as blockchain, the technology behind digital assets, BNY Mellon will improve custody and other investment services.

“Enabling the use of digital assets is critical to transforming the future of custody,” said Caroline Butler, head of Custody at BNY Mellon. “Building the bridge between the traditional and digital spaces will create a front-to-back ecosystem for innovation. Our digital asset capabilities should help evolve the way the financial industry operates, including custody, collateral management, issuance, investment management and other segments where BNY Mellon is a key service provider.”

Source

Related Posts

Previous Post
Lloyd’s: impacts of quantum computing on insurance
Next Post
BIS working paper: Do macroprudential policies affect non-bank financial intermediation?

Related Posts

Fill out this field
Fill out this field
Please enter a valid email address.

Menu
X

Reset password

Create an account