Bank of New York (BNY) Mellon has announced that its digital asset custody service is now live as it looks to deepen its presence in the emerging cryptocurrency ecosystem.

Ranked among the oldest and most capitalized banks in the United States, BNY Mellon said the digital asset custody solution will help its role as an important bridge between the emerging crypto world and the broader traditional financial ecosystem.

“Touching more than 20% of the world’s investable assets, BNY Mellon has the scale to reinvent financial markets through blockchain technology and digital assets,” said Robin Vince, CEO and Chairman of BNY Mellon. “We are excited to help drive the financial industry forward as we begin the next chapter in our innovation journey.”

The bank said it launched the crypto custody service by integrating the technologies of Fireblocks and Chainanalysisnoting that these firms will help you maintain the proper security and compliance necessary to stay relevant in the highly competitive industry now and in the future.

Arguably, BNY Mellon is positioning itself for a future where digital currencies will soon dominate. The banking giant said it commissioned a survey in which 91% of respondents who are institutional investors said they would be interested in injecting funds into tokenized products. As many as 41% of these respondents currently hold crypto on their balance sheet, with 15% planning to acquire these assets in the near future.

Realizing this, the bank said it is looking to launch new products and solutions that can help it meet the needs of its traditional customers, as well as those who see crypto as the future.

“As the world’s largest custodian, BNY Mellon is the natural provider to create a safe and secure digital asset custody platform for institutional clients,” said Caroline Butler, CEO of Custody Services at BNY Mellon. “We will continue to innovate, adopt new technologies and work closely with customers to address their evolving needs.”

In addition to BNY Mellon, Morgan Stanley, Goldman Sachs, and JPMorgan, among others, are also heavily invested in the space with their own custom products and services coming to market.

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