US-based BNY Mellon to Launch Cryptocurrency Custody Platform

The platform that will be used to store the crypto. launched by the oldest US bank BNY Mellon (founded in 1784).

The depository platform will be created at the end of 2022 and will support BTC and ETH at the start. In the future, other digital and tokenized assets will be added to it.

They will launch a depository platform on the blockchain developed by the Fireblocks startup. In 2021, BNY Mellon partially funded this developer's Series C. Also, for better risk management, the bank will use analytics from Chainalysis.

According to bank representative Kathy Neath, the system will help the bank combine the advantages of traditional and digital currencies. This will allow institutional investors to store their cryptocurrency in the bank's secure cryptocurrency wallets.

After the launch, only US residents will be able to use the depository platform, but if there is demand, the services will be expanded to other territories. For example, the UK, which, according to a bank official, has a dynamic market for digital assets.

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CoinShark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources. Cryptocurrency is a high-risk asset, investments in it can lead to losses. Readers should do their own research before taking any action.

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