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BNY Mellon Is Attracting Investors Through Crypto Custody Service

Harold - Coincu
2022-10-31 06:05
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BNY Mellon, America’s oldest bank and one of the more crypto-friendly institutions, said earlier this month that chosen institutional clients would be able to keep and transfer Bitcoin and Ether via its new crypto custody product.
BNY Mellon said in a study report released accompanying its custody announcement that 70% of institutional investors polled would boost their digital asset activity if services like custody and execution were available from recognized, reputable institutions.
Talia Klein, BNY Mellon’s head of commercial product for digital asset custody, stated:
“We’re seeing a lot of institutional interest. As you think about what is prohibiting others from getting into the space, what we’ve seen is that people require an institutional grade provider.”
Nasdaq also announced in September that it would investigate offering comparable services. Since March 2022, when it announced its cooperation with crypto-native Copper, Boston-based State Street has been planning its crypto custody plans.
Institutional investors are more concerned about entering the crypto market in a safe and compliant manner rather than rushing in with the expectation of large profits. Nasdaq vice president and global head of strategy Matthew Savarese added:
“Twelve months ago, everyone was worried about how to get into the space in the quickest way possible. Now, with the so-called crypto winter, people are taking a step back to say, ‘All right, let’s assess to make sure that we’re solving for information security, market fragmentation, liquidity, understanding what credit intermediation is, what quality execution looks like.’”
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