BNY Mellon will establish a new asset servicing unit that will cater to the growing demand for digital assets such as cryptocurrency.
The digital assets unit, which will be led by Mike Demissie as head of advanced solutions, is currently developing the prototype for the multi-asset digital custody and administration platform.
Demissie said the new unit aims to provide secure infrastructure for transferring, safekeeping and issuing of such assets.
"Consistent with our open-architecture approach, the unit will leverage BNY Mellon's digital expertise and leading technologies from fintechs and other collaborators to speed up product development and help our clients tap into the best available solutions in the market," he said.
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Chief executive of asset servicing and head of digital Roman Regelman said the growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for BNY to extend its service offerings to this emerging field.
"Pending further evaluations and approvals, we expect to begin offering these innovative and industry-shaping capabilities later this year," Regelman said.
"Our digital asset capabilities should help evolve the way the financial industry operates, including custody, collateral management, issuance, investment management and other segments where BNY Mellon is a key service provider," said head of custody Caroline Butler.