BNY Mellon, an American investment banking services holding company, has opened a custodian for cryptocurrencies and non-fungible tokens (NFTs) in Dublin, Ireland. According to Business Post, the custodian will be regulated by Ireland's central bank. The custodian will also allow its clients not only storing assets, but also issue their own cryptocurrencies.
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BNY Mellon's expansion in Ireland comes despite the fact that the local watchdog expressed concerns over cryptocurrency investments. According to Derville Rowland, one of the top officials at Ireland's central bank, investors in cryptocurrencies should be aware they "could lose the whole of that investment."
It is worth noting that in January last year, the US-based cryptocurrency exchange Coinbase also opened its custodian services in Dublin. The exchange has noted that "while Coinbase Custody has served European-based clients in the UK, Switzerland, Germany, Finland, the Netherlands and more since 2018, our dedicated presence in Europe will allow us to offer these services in a completely localized way."
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