BNY Mellon has established a Digital Assets unit that will accelerate the development of solutions and capabilities to help clients address growing and evolving needs related to the growth of digital assets, including cryptocurrencies. The cross-functional, cross-business team, which will be led by Mike Demissie, head of Advanced Solutions at BNY Mellon, is currently developing a client-facing prototype that is designed to be the industry’s first multi-asset digital custody and administration platform for traditional and digital assets.
Several U.S. custodians have been lining up new digital capabilities in anticipation of more regulatory clarity. In partnership with Standard Chartered, Northern Trust has launched Zodia, an institutional custody solution for cryptocurrencies that is projected to become operational in the UK in 2021. State Street has a deal with Gemini Trust Company for digital asset reporting, whilst Citi is understood to have a full-service digital asset solution ready to launch once the regulators give the green light.