According to reports, BNY Mellon, the investment bank, would begin in the United States and then grow globally based on market demand. BNY Mellon, a prominent investment bank, is building a digital asset custody infrastructure that will allow institutional customers to get crypto exposure.
Customers will be able to store the world’s most popular cryptocurrencies, Bitcoin (BTC) and Ether (ETH), in BNY Mellon crypto wallets powered by Fireblocks technology, according to a report. However, assuming a regulatory licence is obtained, the service will progressively expand and include a range of tokenized traditional and digital assets.
According to the article, Mellon aims to start in the United States before expanding globally based on demand. Following the service’s introduction in the United States, Talia Klein of BNY Mellon projected that it will expand to the United Kingdom.
In July 2021, BNY Mellon announced a partnership with Grayscale Investments to provide a range of services for its flagship Bitcoin investment product. BNY Mellon recently teamed with Chainalysis, a blockchain data and research startup, to use Chainalysis compliance tools in its risk management system, as per the report.