Competition in the evolving crypto-custody market further intensified in October when BNY Mellon’s digital asset custody (DAC) platform went live in the US. The bank worked with digital asset technology specialists Fireblocks and Chainalysis to develop the platform, which enables selected clients to hold and transfer Bitcoin and Ether.
Research produced by Celent for BNY Mellon found that 41% of the institutional investors surveyed held cryptocurrency in their portfolios, with a further 15% planning to hold digital assets within the next two to five years.
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