New York-based banking giant BNY Mellon is jumping into the bitcoin and cryptocurrency game.
The bank, which boasts around trillion in assets under management, has announced it 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” in the emerging bitcoin and crypto asset class.
“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 Wall Street giants JP Morgan and Citibank bolstering support from PayPal
BNY Mellon is currently developing a prototype that it claims will be the financial industry’s “first multi-asset digital custody and administration platform” for traditional and digital assets—bringing bitcoin and cryptocurrencies under the same roof as traditional holdings.
MORE FOR YOU
Tesla Billionaire Elon Musk Issued Serious Bitcoin Warning Over Price-Boosting Tweets
Edge & Node, A New Software Development Company Is Launched By The Graph Core Protocol Team
Bitcoin Bulls Have Won—What’s Next For Crypto And The Bitcoin Price?
“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.”