BNY Mellon digital asset custody (2022)
BNY Mellon, one of the world's largest custody banks, announced it would hold Bitcoin and Ether for institutional clients, building its platform with blockchain firm Fireblocks. It was a landmark move by a traditional bank into what had been a crypto-native niche.
Other large custodians followed with their own digital asset offerings, and BNY Mellon expanded into tokenized assets.
Established that regulated custody banks would service digital assets rather than leaving crypto holdings to startups.
The same dynamic is at work now: Standard Chartered folding crypto custody into its regulated securities services, positioning itself against custody giants like BNY Mellon.
