BNY Mellon Forms New Digital Assets Unit to Build Industry's First Multi-Asset Digital Platform

Rhea-AI Summary

BNY Mellon announced the formation of a new Digital Assets unit aimed at developing solutions for the growing demand for digital assets, including cryptocurrencies. Led by Mike Demissie, the team is currently working on a multi-asset digital custody and administration platform. The initiative responds to increasing client demand and regulatory clarity, with plans to launch these capabilities later this year. BNY Mellon aims to leverage its expertise and technology to enhance custody and investment services, bridging traditional and digital financial spaces.

Positive

• Formation of a new Digital Assets unit to address growing client demand for digital asset solutions.
• Development of the industry's first multi-asset digital custody and administration platform.
• Leverage of advanced solutions like blockchain to enhance custody and investment management services.
• Plans to launch innovative capabilities later this year, enhancing BNY Mellon's market position.

Negative

• None.

NEW YORK, Feb. 11, 2021 /PRNewswire/ -- BNY Mellon today announced the formation of a new enterprise Digital Assets unit that will 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, which will be led by Mike Demissie, head of Advanced Solutions at BNY Mellon, 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.

"BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets," said Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon. "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."  

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

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

About BNY Mellon
BNY Mellon is a global investments company dedicated to helping its clients manage and service their financial assets throughout the investment lifecycle. Whether providing financial services for institutions, corporations or individual investors, BNY Mellon delivers informed investment and wealth management and investment services in 35 countries. As of Dec. 31, 2020, BNY Mellon had $41.1 trillion in assets under custody and/or administration, and $2.2 trillion in assets under management. BNY Mellon can act as a single point of contact for clients looking to create, trade, hold, manage, service, distribute or restructure investments. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation (NYSE: BK). Additional information is available on www.bnymellon.com. Follow us on Twitter @BNYMellon or visit our newsroom at www.bnymellon.com/newsroom for the latest company news.

Media Contact:
Peter Gau
908-672-8764
peter.gau@bnymellon.com

View original content to download multimedia:http://www.prnewswire.com/news-releases/bny-mellon-forms-new-digital-assets-unit-to-build-industrys-first-multi-asset-digital-platform-301226503.html

SOURCE BNY Mellon

FAQ

What is BNY Mellon's new Digital Assets unit?

BNY Mellon's Digital Assets unit is a new initiative formed to develop solutions for clients in the digital asset space, including cryptocurrencies.

When does BNY Mellon plan to launch its digital asset capabilities?

BNY Mellon expects to begin offering its digital asset capabilities later in 2021, pending further evaluations and approvals.

Who is leading BNY Mellon's Digital Assets unit?

The Digital Assets unit is led by Mike Demissie, who is the head of Advanced Solutions at BNY Mellon.

How will BNY Mellon enhance its investment services with digital assets?

BNY Mellon aims to use advanced technologies, such as blockchain, to improve custody and other investment services for digital and traditional assets.

What opportunity does BNY Mellon see in the digital asset space?

BNY Mellon recognizes a tremendous opportunity due to growing client demand, the maturity of advanced solutions, and improving regulatory clarity in the digital asset market.