BNY Mellon establishes new enterprise Digital Assets unit
BNY Mellon today announced the formation of a new enterprise Digital Assets unit. The new unit aims to accelerate the development of solutions and capabilities to help clients address growing and evolving needs related to the growth of digital assets, including cryptocurrencies.
The cross-functional, cross-business team will be led by Mike Demissie, head of Advanced Solutions at BNY Mellon. It is currently developing a client-facing prototype that is designed to be the industry’s first multi-asset digital custody and administration platform for traditional and digital assets.
Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon, explains:
“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.”
Mike Demissie adds:
“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.”
The Digital Asset unit will build on BNY Mellon’s digital savvy and strong expertise in investment services and investment management. By leveraging advanced solutions such as blockchain, the technology behind digital assets, BNY Mellon will improve custody and other investment services.