The Bank of New York Mellon, the nations oldest bank has announced that they have introduced a new, innovative initiative Digital Assets unit that will service the rapidly evolving digital asset space. Mike Demissie, the head of Advanced solutions at BNY Mellon will lead the cross-functional, cross-business team which is currently developing a client-facing prototype that is designed to be the first multi-asset digital custody in the industry. The Digital Asset unit will leverage advanced solutions such as blockchain to improve custody and other investment services.
BNY Mellon, will be the first global bank to integrate digital assets in their services. This move will potentially allow digital currencies to proceed through the same financial network it currently uses for more traditional holdings such as the U.S. Treasury bonds and equities.
Pending product analysis and approvals, BNY Mellon bank expects to begin offering these services to its customers later this year. Following this announcement, BNY shares rose 2% in premarket trading.
