One of the biggest bank in the world is to begin offering bitcoin and crypto services to investors.
“Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field.
Pending further evaluations and approvals, we expect to begin offering these innovative and industry-shaping capabilities later this year,” said Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon.
The bank plans to fully integrate bitcoin with their traditional offerings, calling it a first. Caroline Butler, head of Custody at BNY Mellon, said:
“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.”
The bank has an incredible $41.1 trillion in assets under custody and/or administration, and $2.2 trillion in assets under management.
Bitcoin will now be able to tap into this vast market, with Mike Demissie, head of Advanced Solutions at BNY Mellon, stating:
“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.”