U.S. banking corporation BNY Mellon is gearing up to offer crypto custody services out of Dublin where it has just established a digital hub. The news coincided with a stark warning issued by a top central bank official in Ireland who said people should only buy bitcoin if they’re prepared to lose money.BNY Mellon to Provide Custody for Digital Assets Through Dublin-based Unit
Following a decision to enter the cryptocurrency space announced in February, the Bank of New York Mellon has now created a “Digital Innovation Hub” in Dublin. The unit will act as a custodian for crypto assets, the Business Post reported, noting that with the move, “the banking giant, is betting on the future of bitcoin and other cryptocurrencies.”
The hub will allow clients to hold, transfer and issue digital assets, the Irish publication detailed. Custodial services will be provided for a variety of assets including the cryptocurrency with the largest market cap, bitcoin (BTC), non-fungible tokens (NFTs), and central bank digital currencies (CBDCs).
BNY Mellon is America’s oldest banking institution through its predecessor, Bank of New York, which merged with the Mellon Financial Corporation in 2007. It’s also the world’s largest custodian bank and asset servicing company. As of March 31, the bank has $41.7 trillion assets under custody or administration and $2.2 trillion assets under management.
The Bank of New York Mellon Corporation currently operates in 35 different countries, according to its website. It maintains presence in the Republic of Ireland since 1994, and its new crypto asset unit in Dublin will be regulated by the Central Bank of Ireland (CBI).Cryptocurrencies a ‘Great Concern,’ Bank of Ireland Director Says
Soon after the news...