BNY Mellon partners with Fireblocks and Chainalysis to let institutions hold BTC and ETH

BNY Mellon now offers institutional clients the ability to hold and transfer bitcoin and Ethereum on its new crypto custody service.

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The oldest bank in the US, BNY Mellon, now offers institutional clients the ability to hold and transfer bitcoin and Ethereum on its new crypto custody service.

According to a Tuesday announcement, BNY Mellon has partnered with Fireblocks and Chainalysis to support institutions’ needs for technology, security, and compliance.

A report by the Wall Street Journal states that a few investment fund companies are expected to join the platform this week, and the bank plans to eventually make the service available to all of its clients.

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BNY Mellon CEO Robin Vince said that his company has the capacity to “reimagine financial markets through blockchain technology and digital assets,” touching more than 20% of the world’s investable assets. He stated:

“We are excited to help drive the financial industry forward as we begin the next chapter in our innovation journey.” 

In order to create a client-facing prototype of a multi-asset custody and administration platform for traditional and digital assets, BNY Mellon established a digital assets unit in February 2021. As of June 30, it also has $1.9 trillion in assets under management (AUM) and $43 trillion in assets under custody or administration.

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The CEO of firm’s custody service, Caroline Butler, commented on the new offering and shared BNY’s goals:

“As the world’s largest custodian, BNY Mellon is the natural provider to create a safe and secure Digital Asset Custody Platform for institutional clients. We will continue to innovate, embrace new technology and work closely with clients to address their evolving needs.”

BNY Mellon sees massive opportunities

The launch comes in response to a recent BNY Mellon survey that revealed 41% of institutional investors currently have cryptocurrency in their portfolios, while 15% intend to do so in the next two to five years.

91% of respondents to the study indicated an interest in investing in tokenized assets. These are physical assets or stocks in a fund that may be traded on a digital ledger separately from bitcoin and ether.

Several big investment firms have reported high demand for crypto among wealth manager clients. Recently, Ark Invest partnered with Eaglebrook Advisors for its crypto strategies.

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