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.
We’re thrilled to be the first Global Systemically Important Bank with plans to utilize @chainalysis’s risk management software as a component of our strategy to develop cryptocurrency services for our clients. https://t.co/BZC88wc7ic pic.twitter.com/BhdJ9WJZ9p— BNY Mellon (@BNYMellon) February 23, 2022
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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