On October 11, 2022, the Bank of New York Mellon Corporation (BNY) announced the launch of a new digital asset custody platform that will allow select clients to hold and transfer bitcoin and ether. BNY is the first of the eight systemically important US banks to store digital currencies and allow customers to use one custody platform for both traditional and crypto holdings.

BNY Mellon preceded the launch of this platform with the formation of its enterprise Digital Assets Unit on February 11, 2021 to develop solutions for digital asset technology. The 238-year-old bank received approval from the New York Department of Financial Services (NYDFS) earlier this fall. BNY worked closely with fintech specialists Fireblocks Inc. and Chainalysis Inc. in the development of its custodial platform, using their technology to meet the security and compliance needs of clients in the digital asset space.