BNY Mellon launches crypto custody service in Ireland
America’s oldest bank, BNY Mellon, is expanding its presence in the cryptocurrency space by launching a crypto custody service in Ireland. This comes despite Ireland’s central bank enforcer, Derville Rowland, saying that cryptocurrencies are of great concern.
BNY Mellon establishes a crypto custody unit in Ireland
Traditional financial institutions have been bullish on the crypto industry despite prices declining from their all-time highs over the past few weeks. The Bank of New York Mellon Corporation (BNY Mellon) is expanding its presence in the sector by entering the cryptocurrency custody business.According to the Business Post, the bank will launch a cryptocurrency custody service through a new digital asset unit set in Dublin. The firm called the “Digital Innovation Hub” will be regulated by Ireland’s central bank. It will serve as a custodian for cryptos like Bitcoin and non-fungible tokens (NFTs). BNY Mellon also wants the firm to provide custody services to central bank digital currencies (CBDCs) when launched. Hence, the Digital Innovation Hub will allow clients to hold, transfer and issue digital assets.
Central banks growing more cautious of cryptocurrencies
BNY Mellon’s expansion into the Irish market comes despite numerous central banks issuing warnings about cryptocurrencies. Earlier today, a top official from the Central Bank of Ireland, Derville Rowland, told Bloomberg that cryptocurrency assets are speculative and unregulated investment vehicles. She warned current and future investors of the possibilities of losing their money if they invest in cryptocurrencies.Rowland is expected to be the next chairwoman of the European Securities and Markets Authority (ESMA)’s investment management standing committee. She will assume this position in July. ESMA is in charge of preparing regulations for the financial sector. Hence, her negative views on the crypto sector could result in strict cryptocurrency regulations in Europe.
Despite central banks complaining about cryptocurrencies, traditional financial institutions have been entering the market. BNY Mellon is one of the top banks to offer crypto services to its clients. Other leading banks involved in the crypto space include Morgan Stanley, Goldman Sachs and JPMorgan to a certain extent. A few others are joining soon, including Citigroup, Cowen, UBS, Deutsche Bank and more.
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