BNY Mellon creates Digital Assets unit to bridge traditional and digital spaces

BNY Mellon creates Digital Assets unit to bridge traditional and digital spaces

Mike Demissie, head of Advanced Solutions at BNY Mellon

BNY Mellon has announced the formation of a new enterprise Digital Assets unit to accelerate the development of solutions and capabilities to help clients address the growing and evolving needs of digital assets, including cryptocurrencies.

The new unit will be led by Mike Demissie, head of Advanced Solutions at BNY Mellon. It is currently developing a client-facing prototype designed to be a multi-asset digital custody and administration platform for traditional and digital assets.

“BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets. 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. Pending further evaluations and approvals, we expect to begin offering these innovative and industry-shaping capabilities later this year,” said Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon.

The Digital Asset unit will build on the global bank’s digital-savvy and expertise in investment services and investment management. BNY Mellon, by leveraging advanced solutions such as blockchain, the technology behind digital assets is looking forward to improving custody and other investment services.

“The Digital Assets unit plans to deliver a secure infrastructure for transferring, safekeeping and issuing digital assets. 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,” said Mike Demissie.

“Enabling the use of digital assets is critical to transforming the future of custody. 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,” said Caroline Butler, head of Custody at BNY Mellon. 

Established since 1784, BNY Mellon delivers informed investment management and investment services in 35 countries and serves clients around the world. According to company data, as of September 2020, the investment banking company had $38.6 T in assets under custody and/or administration, and $2.0 T in assets under management. Recently, the company joined forces with Amundi to power investment lifecycle.

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