BNY Mellon Is Launching A Cryptocurrency Custody Platform

bny mellon starting cryptocurrency custody platform

It was launched by BNY Mellon (founded in 1784), the oldest bank in the US.

The depository platform will launch at the end of 2022 and initially support BTC and ETH. In the future, other digital and tokenized assets will be added to the platform over time. For better risk management, the bank will also use analytics from Chainalysis for its depository platform built on the blockchain by the Fireblock startup. In 2021, BNY Mellon partially funded this startup’s Series C round.

The cryptocurrency wallets will allow institutional investors to store their cryptocurrencies within the bank’s secure cryptocurrency wallets, according to bank representative Kathy Neath.

The depository platform will initially be available only to US residents, but if demand increases, it will be offered to other territories as well.

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