According to reports, the investment bank, BNY Mellon, plans to start with the United States and then expand globally based on market demand.
BNY Mellon, a large investment bank, is working on a digital asset custody infrastructure that will allow institutional customers to have exposure to cryptocurrencies.
Customers will be able to store the world’s most popular cryptocurrencies, Bitcoin (BTC) and Ether (ETH), in BNY Mellon crypto wallets powered by Fireblocks technology, according to a report by City A.M.
The service will gradually expand and include a range of tokenized traditional and digital assets if regulatory approval is given.
According to the investment bank, the new service will be available later this year. Mellon also hinted that it would be “first to join” the global digital custody market.
Mellon plans to start in the United States before expanding globally based on demand, according to the report.
Talia Klein of BNY expected that the service would expand to the United Kingdom after its debut in the United States.
“I think what we’re seeing in the UK is that there’s a really vibrant and active digital assets market here.”
The bank first announced its plans to store, transfer, and issue Bitcoin and other cryptocurrencies on behalf of its clients in February of last year.
Grayscale Investments and BNY Mellon established a partnership in July 2021 to provide a range of services for BNY Mellon’s flagship Bitcoin investment product.
BNY recently teamed with Chainalysis, a blockchain data and analysis startup, to use Chainalysis compliance software within its risk management system, according to Coinscreed.
