: BNY Mellon launches digital currency custody offerings to institutions

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Bank of New York Mellon Corp. BK, -1.82% on Tuesday announced the launch of its digital asset custody platform for institutional customers as part of its “commitment to support client demand for a trusted provider of both traditional and digital asset servicing.” The kickoff comes after it formed its digital assets unit in 2021 to build the industry’s “first multi-asset platform that bridges digital and traditional asset custody,” the company said. BNY Mellon CEO Robin Vince said the company is “excited to help drive the financial industry forward as we begin the next chapter in our innovation journey.” Roughly 41% of the 270 buy-side institutional investors in a June survey by BNY Mellon revealed that they hold cryptocurrency in their portfolio today, with an additional 15% planning to hold digital assets in their portfolios within the next two to five years, BNY Mellon said. Shares of BNY are down 33.7% in 2022 compared to a drop of 25% by the S&P 500 SPX, -0.66%.

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