BNY Mellon joins the trend of adopting blockchain and new technologies to build the banking industry's first digital multi-asset platform.
El Bank of New York Mellon, also known as BNY Mellon, is the oldest bank that exists in the United States, although this does not prevent the banking entity from remaining at the forefront of innovation and new developments. BNY Mellon announced recently the creation of a new Enterprise Digital Assets Unit, which will aim to promote and drive the creation of technological solutions with a view to building the industry's first multi-asset digital platform.
The banking entity, which provides financial services globally and keeps more than $41.000 billion in custody, points out that the adoption of blockchain It will allow the entity to stay at the forefront of new developments, and cover the growing and changing needs of its clients and users, who are getting closer to the cryptocurrencies, and digital assets.
Roman Regelman, director of the digital area at BNY Mellon, expressed that the entity is proud to be the “first global bank to announce plans to provide an integrated service for digital assets”.
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The first digital administration and custody platform
BNY Mellon is the first bank to drive the development and construction of a digital administration and custody platform. This innovation is born from the level of acceptance and adoption that Bitcoin currently enjoys, in addition to the maturity of advanced technological solutions and improvements in regulatory clarity regarding cryptocurrencies in many countries around the world; all of these elements are what are driving the entity to take this leap of great importance for the digital industry.
Regelman noted that the growth and adoption of cryptocurrencies and digital assets in the markets represents a great opportunity for the entity to further grow its current product and service offering, within an emerging industry in full development. The director of the digital area at BNY Mellon hopes that the studies and trials that are being carried out to adopt new technologies and create the new digital platform will be completed soon, and thus begin offering innovative products and services within the industry at the end of this year .
Financial services with Bitcoin and other cryptocurrencies
BNY Mellon aspires to expand, globally, within the banking and digital industry, as a secure infrastructure provider, allowing the transfer and custody of cryptocurrencies, in addition to issuing other digital assets. BNY Mellon will eventually allow cryptocurrencies and digital assets to pass through the same financial network that the entity currently uses to manage traditional assets, such as Treasury bonds and stocks.
The bank has a Digital Assets unit, which is responsible for improving the custody, management and investment services offered by the entity, using digital knowledge and the benefits offered by blockchain technology. Caroline Butler, Custody Director at BNY Mellon, assures that Digital assets are a fundamental piece to “transform the future of custody”, so it is absolutely necessary to build a bridge that connects the traditional financial world with the digital one, to significantly advance the construction of a comprehensive ecosystem for innovation.
As soon as the news was announced, the price of Bitcoin it shot up to a new all-time high value. At the time of writing, Bitcoin is trading on the markets with a value of $47.300 USD, and reached a new all-time high above $48.690 USD. The value of Bitcoin is being driven by growing interest and institutional demand, which makes this digital asset more scarce in the markets every day.
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