Bank of New York Mellon Corp is adding cryptocurrencies to assets that it holds as a custody manager, as it looks to attract a diverse set of investors and traders by tapping into the popularity of bitcoins and ethers.
BNY formed a unit in 2021 to develop solutions for digital asset technology, tapping companies Fireblocks and Chainalysis, it said in a statement on Tuesday.
Crypto is really just the “tip of the spear”, but tokenized assets hold a lot of promise despite being the least developed, said Michael Demissie, head of digital assets and advanced solutions at BNY Mellon, adding that a recent bank study showed over 90% of institutional investors were looking to invest in the segment.
The 238-year-old bank won the approval of New York’s financial regulator earlier this fall and is the first of the eight systemically important U.S. banks to store digital currencies and allow customers to use one custody platform for both its traditional and crypto holdings, the Wall Street Journal reported earlier on Tuesday.
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