With “plans to provide an integrated service for digital assets”, BNY Mellon claims to be announcing a world’s first among global banks. A new enterprise digital assets unit will be organized across different functions and businesses of the company.
“A client-facing prototype that is designed to be the industry’s first multi-asset digital custody and administration platform for traditional and digital assets,” is how BNY Mellon describes its new project baby, in a press release. Market offering is expected to begin later in 2021, “pending further evaluations and approvals”, it says.
The press release restates BNY Mellon’s commitment to open architecture, meaning it seeks to enable various third-party providers to contribute to a broad supply of solutions and services on the platform. The bank says it will improve custody and other investment services “by leveraging advanced solutions such as blockchain”.
“Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field,” says Roman Regelman, CEO of asset servicing and head of digital.