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The oldest US bank- BNY Mellon launches crypto unit in Ireland to provide custody services

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Shivangi Mujumdar Follow

INDIA

Jun, 02 2021

Jun, 02 2021

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BNY Mellon, the Bank of New York Mellon, has set up a digital asset entity. The oldest bank in the U.S. plans to “hold, transfer, and issue” bitcoin and other cryptocurrencies concerning its clients. The bank proposes to ultimately treat cryptocurrencies like any other assets. As of 2-June-2021! 

 

BNY Mellon goes Into Crypto- 

 

The declaration done by the bank was the formation of a new enterprise digital assets unit that will quicken the development of solutions and capabilities. It will help clients address growing and developing needs related to the growth of digital assets, including cryptocurrencies. 

 

BNY Mellon is a worldwide investment company with an office in 35 countries.  Aof Dec. 31, 2020, the bank took $41.1 trillion in assets in custody and $2.2 trillion in assets under management. 

 

Bank of Ireland Director SaysCryptocurrencies a ‘Great Concern’  

 

Soon after the news about BNY Mellon’s participation with digital assets came out, a high-ranking official of the Central Bank of Ireland was mentioned, warning that the growing popularity of cryptocurrencies like bitcoin is “of great concern.” 

 

Rowland, who is linked with the bank’s current enforcement inquiries, also stressed that people who want to invest in cryptocurrencies would be “really aware they could lose the whole of that investment.” 

 

Central Bank says Bitcoin is ‘of Great Concern’ with the launch-  

 

The Central Bank of Ireland has now fined or is still examining most Irish retail banks for mortgage overcharging. Prior to this year, the central bank penalized Ireland’s largest securities firm, Davy. The company has later been put up for sale following the resignations of its top managers. Talking about the case, Rowland said that Davy requires “looking in the mirror” and asking himself “how things went so wrong.” 

 

With her newest comments regarding cryptocurrenciesDerville Rowland links a group of other central bank officials who have advised against crypto investments. Between them is Bank of England Governor Andrew Bailey who lately reaffirmed his skepticism about crypto-assets and claimed they are “dangerous” to the public. Rowland is now fixing to take over as Chair of the Investment Management Standing Committee at ESMA, the European Securities and Markets Authority, in July. 


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Shivangi Mujumdar

CBW - External Analyst

INDIA

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