On Tuesday (October 11), BNY Mellon announced that its Digital Asset Custody platform had gone live in the U.S. with “select clients” now able to hold and transfer Bitcoin ($BTC) and Ethereum ($ETH).

At the end of Q2 2022, BNY Mellon had “$43.0 trillion in assets under custody and/or administration, and $1.9 trillion in assets under management.”

According to the press release, which is one of the oldest banks in the world (having been established in 1784), BNY Mellon “formed an enterprise Digital Assets Unit in 2021 to develop solutions for digital asset technology, with plans to launch the industry’s first multi-asset platform that bridges digital and traditional asset custody.”

Robin Vince, Chief Executive Officer and President at BNY Mellon, had this to say:

“Touching more than 20% of the world’s investable assets, BNY Mellon has the scale to reimagine financial markets through blockchain technology and digital assets. We are excited to help drive the financial industry forward as we begin the next chapter in our innovation journey.“

And Roman Regelman, CEO of Securities Services & Digital at BNY Mellon, stated:

“With Digital Asset Custody, we continue our journey of trust and innovation into the evolving digital assets space, while embracing leading technology and collaborating with fintechs.“

According to a survey that BNY Mellon sponsored, “almost all institutional investors (91%) are interested in investing in tokenized products” and furthermore “41% of institutional investors hold cryptocurrency in their portfolio today, with an additional 15% planning to hold digital assets in their portfolios within the next two to five years.”

The press release went on to say that BNY Mellon had collaborated with Fireblocks and Chainalysis to “integrate their technology in order to meet the present and future security and compliance needs of clients across the digital asset space.”

Caroline Butler, CEO of Custody Services at BNY Mellon, said:

“As the world’s largest custodian, BNY Mellon is the natural provider to create a safe and secure Digital Asset Custody Platform for institutional clients. We will continue to innovate, embrace new technology and work closely with clients to address their evolving needs.“

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