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BNY Mellon Is Attracting Investors Through Crypto Custody Service

BNY Mellon, America’s oldest bank and one of the more crypto-friendly institutions, said earlier this month that chosen institutional clients would be able to keep and transfer Bitcoin and Ether via its new crypto custody product.
BNY Mellon Is Attracting Investors Through Crypto Custody Service 3

BNY Mellon said in a study report released accompanying its custody announcement that 70% of institutional investors polled would boost their digital asset activity if services like custody and execution were available from recognized, reputable institutions.

Talia Klein, BNY Mellon’s head of commercial product for digital asset custody, stated:

“We’re seeing a lot of institutional interest. As you think about what is prohibiting others from getting into the space, what we’ve seen is that people require an institutional grade provider.” 

BNY Mellon Is Attracting Investors Through Crypto Custody Service 4

Nasdaq also announced in September that it would investigate offering comparable services. Since March 2022, when it announced its cooperation with crypto-native Copper, Boston-based State Street has been planning its crypto custody plans.

Institutional investors are more concerned about entering the crypto market in a safe and compliant manner rather than rushing in with the expectation of large profits. Nasdaq vice president and global head of strategy Matthew Savarese added:

“Twelve months ago, everyone was worried about how to get into the space in the quickest way possible. Now, with the so-called crypto winter, people are taking a step back to say, ‘All right, let’s assess to make sure that we’re solving for information security, market fragmentation, liquidity, understanding what credit intermediation is, what quality execution looks like.’” 

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

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