Name: $2 Trillion Banking Giant BNY Mellon Reveals Bitcoin And Crypto Plans—‘Digital Assets Are The Future’
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$2 Trillion Banking Giant BNY Mellon Reveals Bitcoin And Crypto Plans—‘Digital Assets Are The Future’

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BETAThis is a BETA experience. You may opt-out by&nbsp;Feb 11, 2021,New York-based banking giant BNY Mellon is jumping into .The bank, which boasts around $2 trillion in assets under management, has announced plans to hold bitcoin and other cryptocurrencies on behalf of its clients.The move comes amid what the BNY executive heading up its digital assets unit, Mike Demissie, called an "uptick in institutional interest" ."There’s an overall sentiment shift with respect to digital assets," says Demissie, speaking over email ahead of the announcement, adding: "Digital assets are the future."Over recent months, the financial services industry has warmed to bitcoin and cryptocurrencies, with interest from the likes of and from PayPaland.Wall Street's interest in bitcoin and cryptocurrencies comes as , helped on by the likes of electric car-maker Tesla, payments provider Squareand business intelligence company MicroStrategy.MORE FOR YOUBNY Mellon is currently developing a prototype that it claims will be the financial industry’s "first multi-asset digital custody and administration platform" for both traditional and digital assets—bringing bitcoin and cryptocurrencies under the same roof as traditional holdings."We’re experiencing heightened interest from current clients who are seeking exposure to digital assets," says Demissie. "We are also seeing new demand from prospective clients, particularly digital native companies in the digital asset space, who are looking for BNY Mellon’s core investment services."BNY Mellon's digital asset unit will cover cryptocurrencies like bitcoin but also extend to stablecoins, , as well as tokenized securities and real assets, according to Demissie. Eventually, it's also expected to include central bank issued digital currencies (CBDCs)."Over the course of the last year, we have seen increasing regulatory clarity and guidelines to safely operate in the digital asset space," says Demissie.In January, the top U.S. banking regulator, the Office of the Comptroller of the Currency, said banks could use blockchain networks and stablecoins to carry out payments and other activities."Growing client demand for digital assets, maturity of advanced solutions, and improved regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field," said Roman Regelman, head of digital at BNY Mellon, in a statement alongside the announcement. "Pending further evaluations and approvals, we expect to begin offering these innovative and industry-shaping capabilities later this year.”In 2019, bitcoin futures exchange Bakkt revealed a partnership with BNY Mellon to custody bitcoin and cryptocurrencies on behalf of clients..&nbsp;

BETAThis is a BETA experience. You may opt-out by&nbsp;Feb 11, 2021,New York-based banking giant BNY Mellon is jumping into .The bank, which boasts around $2 trillion in assets under management, has announced plans to hold bitcoin and other cryptocurrencies on behalf of its clients.The move comes amid what the BNY executive heading up its digital assets unit, Mike Demissie, called an "uptick in institutional interest" ."There’s an overall sentiment shift with respect to digital assets," says Demissie, speaking over email ahead of the announcement, adding: "Digital assets are the...

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I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others.

https://www.forbes.com/sites/billybambrough/#4ce747b36a89

Billy Bambrough

Official account of Forbes, the world’s leading voice for entrepreneurial success and free enterprise, and home to breaking news, business, money and more.

$2 Trillion Banking Giant BNY Mellon Reveals Bitcoin And Crypto Plans—‘Digital Assets Are The Future’

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