BNY Mellon Plans To Integrate Digital Assets Into All Its Business

Keu Points:

• Bank of New York Mellon (BNY Mellon) revealed plans to integrate digital assets into all aspects of its business.
• The bank is promoting a digital strategy focusing on distributed ledger technology, tokenization, and digital currency.
• Plans to expand the business into digital assets will likely last for the next year and a half.

According to American Banker, the Bank of New York Mellon (BNY Mellon) plans to integrate digital assets into all aspects of its business.

According to Roman Regelman, Managing Director of Securities and Digital Services at BNY Mellon, the bank is promoting a digital strategy focusing on distributed ledger technology, tokenization, and digital currency. As part of that strategy, the focus stems from the bank’s digitization strategy, which is currently using artificial intelligence and machine learning across all business lines.

He also outlined a three-part plan for BNY Mellon’s digital assets. He said that first, BNY Mellon wants to offer all of its existing services — such as custody and clearing services – to digital assets. The second part deals with blockchain and other technologies to “accelerate the development and modernization of existing infrastructure.” And the last part deals with new use cases, such as the tokenization of securities.

Regelman said these are long-term goals with no clear timeline but noted that the bank would expand some operations into digital assets over the next year and a half.

The CEO also said the company’s next goal is to provide digital currency and token services to the company’s escrow customers in the upcoming “use cases”.

The bank has previously undergone various developments related to blockchain and digital assets. The company has announced it will launch a crypto custody service in 2022 and partner with Chainalysis to monitor crypto transactions in the same year.

The company also announced a custody partnership with Circle in April 2022. The announcement comes in the wake of the failure of Signature Bank and Silvergate Bank, disrupting core transaction banking partners of the Circle.

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