Bank of New York Mellon has formed a new digital assets unit to provide custodial and administration services for traditional and digital assets.
It will also allow investment management clients to trade, sell and exchange cryptocurrencies, including bitcoin, confirmed Michael Demissie, head of advanced solutions at BNY Mellon, who will lead the new business unit.
Mr. Demissie added that the firm expects to offer these trading and custodial services to investment clients later this year, pending all necessary regulatory approvals.
BNY Mellon had $41.1 trillion in assets under custody and/or administration and $2.2 trillion in assets under management as of Dec. 31.
