The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
TREASURY

Banks move ahead with digital asset custody

The digital asset custody space is becoming crowded. Nevertheless, BNY Mellon has gone further than most of its peers in embracing cryptocurrencies.

bitcoin-held-pixabay-960x535.jpg
Photo: Pixabay

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. More than 90% expressed interested in investing in tokenized assets. 

The key issue is the status and responsibility of each player
Yvan Mirochnikoff, SGSS
Yvan-Mirochnikoff-SGSS-671.jpg

In excess of two-thirds of survey respondents said they would increase their digital asset activity if services such as custody and execution were available from trusted institutions.

HSBC has also launched a proprietary tokenization platform that financial institutions and corporates will be able to use to issue digital bonds based on distributed ledger technology (DLT).

The


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?