BNY Mellon, a major US financial institution, is developing a digital asset custody platform. This platform would give institutional customers exposure to cryptocurrencies.
Customers will be able to store the world's most popular cryptocurrencies, Bitcoin and Ether in BNY Mellon crypto wallets.
Once they have regulatory approval, the service will gradually grow, offering more and more tokenized assets of traditional and digital financial products.
According to the investment bank, it will be "the first to enter" the global digital custody market. This company plans to launch in the US first, but It may expand to other countries, depending on demand.
Last year, the bank announced plans to store, transfer, and issue Bitcoin and other cryptocurrencies as an asset manager. The US Bank BNY Mellon has partnered with Grayscale Investments to provide a range of best-in-class services for its flagship Bitcoin investment product.