BNY Mellon creates digital assets unit 12 February 2021US Reporter: Maddie Saghir
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BNY Mellon has revealed plans to create a new enterprise Digital Assets unit to develop what the bank says is the industry's first multi-asset digital custody and administration platform for traditional and digital assets.
The Digital Assets unit, which is being built to accelerate the development of enterprise solutions to service the rapidly evolving digital asset space, aims to deliver a secure infrastructure for transferring, safekeeping and issuing digital assets.
The unit promises to help clients address growing and evolving needs related to the growth of digital assets including cryptocurrencies.
Mike Demissie, head of advanced solutions at BNY Mellon, will take lead of the cross-functional, cross-business team.
Commenting on the new developments, Demissie says: “Consistent with our open-architecture approach, the unit will leverage BNY Mellon's digital expertise and leading technologies from fintechs and other collaborators to speed up product development and help our clients tap into the best available solutions in the market."
Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity, according to Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, “present a tremendous opportunity for us to extend our current service offerings to this emerging field”.
Pending further evaluations and approvals, Regelman expects BNY Mellon to begin offering the new capabilities later this year.
Caroline Butler, head of Custody at BNY Mellon, adds: "Building the bridge between the traditional and digital spaces will create a front-to-back ecosystem for innovation.
"Our digital asset capabilities should help evolve the way the financial industry operates, including custody, collateral management, issuance, investment management and other segments where BNY Mellon is a key service provider."
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