BNY Mellon, the world's largest custodian bank and asset servicing company, with $2.2 trillion in AUM and $41.7 trillion in AUC as of Q2 of 2021, has joined the consortium of banks working with the London-based over-the-counter cryptocurrency startup Pure Digital. According to Financial Times, the New York-based bank joined State Street and several other banks to establish a new front-to-back office solution for institutional investors.
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While Pure Digital is yet subject to regulatory approval, the company plans to provide big investors with stability, security, and capital efficiency. Jason Vitale, Global Head of Foreign Exchange at BNY Mellon, says the bank plans to expand its services on the cryptocurrency market as the regulatory landscape develops.
"Digital assets are only going to become more embedded in global markets in the years ahead and this collaboration accords with BNY Mellon’s wider strategy to develop a digital asset capability for clients across the entire trade life cycle," Vitale added.
BNY Mellon's support comes after the bank opened a custodian for cryptocurrencies and non-fungible tokens (NFTs) in Dublin. The custodian is regulated by Ireland's central bank and allows its clients not only storing assets, but also issue their own cryptocurrencies.
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