BNY nears crypto custody for ETFs after SEC softens SAB 121 stance
Bank of New York Mellon will not be held to SEC accounting practices for client crypto custody after a review.
Loading
Welcome at World Crypto Global. This portal is packed with useful content and resources to built out your own crypto skills. WorldCrypto is a site member of Gabriel Vega Network.
Bank of New York Mellon will not be held to SEC accounting practices for client crypto custody after a review.
Circle has partnered with Cross River Bank for USDC production and redemption, as well as expanded relationships with other banking partners like BNY Mellon. The USDC stablecoin recently experienced a peg-breaking incident but has since recovered. (Read More)
The stablecoin USDC has nearly regained parity with the U.S. dollar after rising just above $0.99 on March 12, 2023, at 7:20 p.m. Eastern Time. The stablecoin jumped back to the $0.99 range after the U.S. Federal Reserve revealed it would bail out depositors of California’s Silicon Valley Bank (SVB) and New York’s Signature Bank. [...]
The post USDC Stablecoin Nears Parity With USD After Fed’s Bailout Announcement appeared first on Crypto Breaking News.
Circle’s stablecoin USD Coin (USDC) is climbing back to its $1 peg following confirmation from CEO Jeremy Allaire that its reserves are safe and the firm has new banking partners lined up at “banking open tomorrow morning.” According to CoinGecko data, USDC is up 3.3% over the past 24 hours to sit at $0.99 at [...]
The post USDC bounces back toward $1 peg after Fed announcement appeared first on Crypto Breaking News.
BNY Mellon started offering its customers cryptocurrency custody services in October 2022. Companies and organisations seek to acquire digital assets as the world learns more about cryptocurrencies and the market grows. The demand for cryptocurrency services and alternative investment options is rising globally. Banks must instead provide customers a safe and regulated way to engage […]
BNY Mellon CEO Robin Vince pointed to a survey earlier this year which found 91% of institutional asset managers were interested in investing in tokenized assets.
In the latest cryptocurrency news, BNY Mellon, an investment and wealth management company that’s also the world’s leading custody provider, has unveiled its digital assets platform that will see customers benefit from crypto services offered alongside traditional products.
According to a press release BNY Mellon published on Tuesday, the Digital Asset Custody platform will be available to the US market.
Select customers will, going forward, use the platform to hold and transfer Bitcoin and Ethereum, the firm announced.
Bridging digital and traditional asset spaceThe bank first announced the formation of the Digital Asset Custody Unit in February 2021, stating at the time that the goal was to launch the first multi-asset platform in the industry to bridge the digital and traditional asset custody divide.
BNY Mellon, which had $43 trillion in assets under custody and $1.9 trillion in assets under management (AUM) as of 30 June 2022, plans to use the crypto custody division as its step to further innovation.
Robin Vince, CEO and President at BNY Mellon said:
“Touching more than 20% of the world’s investable assets, BNY Mellon has the scale to reimagine financial markets through blockchain technology and digital assets.”
As per the press release, BNY Mellon worked with crypto technology firm Fireblocks and blockchain security provider Chainalysis.
The digital asset servicer said it tapped into these platforms to integrate technology that offers both the security and compliance needed to navigate the fast-growing crypto investment industry.
Increased demand from institutional clientsBNY Mellon’s launch of its digital asset custody unit adds to the growing entry of major traditional financial and investment industry players into the crypto service market.
Recent development involving Fidelity Investments, BlackRock and other Wall Street giants, comes amid a broader demand for crypto from institutional clients. The 238-year old BNY Mellon is therefore making a major move, with the milestone bringing America’s oldest bank to the digital asset custody space.
As Invezz reported recently, Nasdaq is also entering the crypto custody space, with BNY Mellon and State Street key competitors alongside crypto-native providers like Coinbase.
The post BNY Mellon launches its Digital Asset Custody platform appeared first on Invezz.
The oldest bank in the United States, Bank of New York Mellon (BNY Mellon), has received approval to add digital assets custody to its services, The Wall Street Journal reported on October 11.
The post BNY Mellon receives New York approval for crypto custodial services appeared first on CryptoSlate.
The world’s largest custodian bank can now receive and store customers’ bitcoin and cryptocurrency, following a regulatory approval in New York.
BNY Mellon has taken several steps to embrace digital assets this year. BNY Mellon Offering Crypto Custody Americas oldest bank just got the green light to start receiving crypto on...
Here you can read our Friday digest with the newest events happening in the crypto space.
The new partnership will mutually benefit Circle and Mellon Bank. (Read More)
Top Israeli bank, Bank Leumi, is set to become the first bank in the country to enable crypto trading services through its digital platform, Pepper Invest.
The post Top Israel bank to start offering crypto trading services appeared first on CryptoSlate.
BNY Mellon, the world’s largest custodian bank, will allow institutional clients to hold bitcoin and ether starting this year. The ...
BNY Mellon, a major US global bank headquartered in New York, has announced plans to launch a digital asset custody platform today to enable institutional clients to get exposure to cryptocurrencies.
Blockchain data platform, Chainalysis recently announced that the company has joined hands with the Bank of New York Mellon Corporation (BNY Mellon), to provide crypto compliance tools.
The announcement stated that this is a first step in BNY Mellon’s strategy to develop cryptocurrency services for its clients.
After UBS acquired Credit Suisse and close to a dozen financial institutions injected $30 billion into First Republic Bank four days ago, S&P Global downgraded First Republic’s shares to junk status on Sunday. Investors are concerned that the cash infusion from 11 major financial institutions may not address the bank’s liquidity issues. First Republic’s shares [...]
The post First Republic Bank’s Shares Downgraded to Junk Status by S&P Global; Stock Slides More Than 25% Lower appeared first on Crypto Breaking News.
In a dynamic move towards digital transformation, BNY Mellon, one of the oldest banks in the United States, is pushing forward with its initiatives focused on distributed ledger technology, tokenization, and digital cash. Roman Regelman, the CEO of securities services and digital, revealed in a recent interview that the bank has been prioritizing digital assets for the past two years in response to increasing client demand. This latest disclosure comes amid the US banking crisis and United States regulators’ continuous crackdown on the crypto industry, a sector of the global digital asset market. Notably, yesterday, the US Securities Exchange and Commission (SEC) responded to Coinbase’s complaint saying crypto rulemaking may take years and that it is “in no rush.” BNY Mellon Embraces Digital Asset Including Crypto? While BNY Mellon did not explicitly mention cryptocurrencies as part of its digital asset focus, the American Banker reported on the bank’s prudent motion into the crypto-verse. CEO Robin Vince, during the bank’s first-quarter earnings call, highlighted the bank’s meticulous and methodical approach, characterizing their progress as being “exceptionally slow.” Related Reading: US Banking Crisis Worsens With Half Of America’s Banks On the Verge Of Failure To demonstrate its commitment to digital assets, BNY Mellon is actively pursuing three key initiatives. This includes actively expanding its services to include custody and clearing solutions for digital assets, with the aim of diversifying its offerings and accommodating a wider range of asset classes. Regelman revealed the bank’s vision for digital assets going forward, saying that “Everything that we do, we want to do for digital assets.” BNY Mellon is also placing significant emphasis on the adoption of blockchain technology and other innovative advancements to modernize its infrastructure. This decision is aimed at improving operational efficiency, reducing costs, and enabling real-time capabilities across the bank’s systems. Another initiative the 240-year-old bank is planning to pursue is actively exploring the concept of tokenization as a strategy to democratize investment opportunities. By embracing tokenization, the bank seeks to unlock new avenues for investors and enable broader access to alternative asset classes, fostering a more inclusive investment ecosystem. Leading the Digital Transformation in Financial Services By embracing long-term digital asset initiatives across all lines of business, BNY Mellon appears to be positioning itself as a leader in the financial industry’s digital transformation. As the demand for digital assets such as cryptocurrencies and innovative technologies continues to rise, the bank’s strategic focus on distributed ledger technology, tokenization, and digital cash highlights its commitment to meeting the evolving needs of its clients and staying at the forefront of financial innovation. Related Reading: Crypto Firms Should Ditch Banks To De-risk From Volatile Systems, Says Cardano Founder It is worth noting that BNY Mellon’s gradual approach to the crypto realm reflects the cautious stance adopted by other traditional financial institutions. Recently, Investment bank JPMorgan announced that it will launch trial applications on blockchain technology to offer dollar-based settlement services. Meanwhile, following the news, BNY Mellon’s stock price hasn’t made any significant movement, however, it has recorded a few gains in the past day up by 1.3%. BNY Mellon currently trades at $40.70 at the time of writing. Featured image from Unsplash, chart from TradingView.com
World Crypto Global opens the door to digital freedom for everyone.
Manage your free WCG Coins securely—where simplicity meets global accessibility.
FREE CRYPTO COINS
AVAILABLE FOR RESERVATION
ALREADY ALLOCATED
No fees. No catch. Your crypto journey starts here.