Top-tier investment bank BNY Mellon is reportedly investing resources in designing a crypto asset custody platform, which will enable institutional customers to acquire crypto exposure.

Specifically, as revealed via a report by  City A.M., customers will reportedly have the freedom to keep the most globally recognized crypto coins BTC and ETH in BNY Mellon crypto wallets – operated using Fireblocks technology. 

However, as soon as the regulatory greenlight has been granted, the service will gradually amplify and finalize the integration of a vast array of tokenized traditional and digital assets.

The new service, as per the investment bank, is reportedly expected to be provided some time going into 2022. BNY Mellon additionally suggested it will be “the first to enter” the international digital custody market.

Per the report, Mellon reportedly has intentions of starting with the US market prior to widening the scope of its expansion to cover different markets throughout the globe dependent on demand. 

Following the introduction in America,  BNY Mellon head of digital asset custody Talia Klein reportedly made a prediction that the service might set up shop to cater to customers in the United Kingdom. 

“I think what we’re seeing in the UK is that there’s a really vibrant and active digital assets market here.” 

In February 2021, the bank initially disclosed its intention of storing, transferring, and issuing Bitcoin and other cryptocurrencies as an asset manager on behalf of its clients.

BNY Mellon additionally disclosed details related to a partnership formed with Grayscale Investments in July last year, to offer a variety of services for its flagship Bitcoin investment service.

BNY Mellon also entered a partnership with blockchain data and analysis entity Chainalysis recently, to take advantage of the latter’s compliance software within its risk management network.