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Saturday, July 2, 2022

BNY Mellon to Start Crypto Custody Unit in Dublin

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BNY Mellon has started a new unit in Dublin which is called “Digital Innovation Hub”. The unit of BNY Mellon will offer digital custody services. It is also intending to back assets like Bitcoin, NFTs (non-fungible tokens), and even CBDCs (central bank digital currencies). The business is controlled by the Central Bank of Ireland (CBI).

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Earlier, it has been disclosed that major investment bank BNY Mellon was intending to provide cryptocurrency custody as a service to its clients. The bank itself clarified its purpose openly. It has stated that it was going to introduce a committed unit for digital assets. The unit would also offer cryptocurrency-related services.

The interesting fact here is that the news of BNY Mellon’s new unit almost overlapped with reports of CBI official Derville Rowland. She disclosed that the increasing fame of cryptocurrencies is “of great worry”. Rowland emphasized that cryptocurrencies were an unfettered and dangerous investment which could lead to significant losses for investors.

Furthermore, the views of Rowland on cryptocurrency are of great importance. Soon, she is going to take on the role of the chairwoman of EU financial regulator ESMA’s investment management standing committee in July. Other state Banks Officials have also shown concerns regarding the usage of cryptocurrency.

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