Prime Trust payment subsidiary Banq files for bankruptcy, citing “unauthorized’ asset transfers to Fortress Group.
Crypto fund outflows reach $417M over 8 weeks as investor caution persists
According to CoinShares, digital asset investment product outflows amounted to $88 million last week.
Taurus deploys on Polygon blockchain for asset tokenization and custody
Taurus raised $65 million in a funding round three months ago. Its clients can now issue digital securities automatically.
Nigerian crypto company suspends withdrawals after BTC and naira compromise
Efforts are underway to recover compromised assets and enhance security measures as users express concerns on social media.
WEF publishes crypto asset regulation recommendations for government, industry
The World Economic Forum analyzed regulatory approaches to urge cooperation between international organizations, regulators and the crypto industry.
Norway could go its own way on crypto asset regulation, central bank suggests
International regulation may be too slow and may represent interests that are not in line with Norway’s, Norges Bank suggests in an annual report.
ZA Bank plans digital asset retail trading in Hong Kong under new guidelines
The bank announced its plans, part of its diversification strategy, the day after Hong Kong released its new guidelines.
Prometheum subsidiary receives FINRA approval for digital asset qualified custody
The approval marks the first time a digital asset custody provider has come under federal regulation as the SEC tightens custody rules.
Australian stock exchange officially abandons blockchain plans: Report
ASX abandons blockchain rebuild to explore conventional options to achieve the desired business outcomes as it sends RFP to potential software vendors.
Singaporean family office to set up digital bank in Bahrain
Whampoa Group started its digital asset arm in 2021 and has invested in a $500 million Binance Labs fund along with TikTok parent ByteDance.
China state-owned Greenland to apply for Hong Kong virtual asset trading license
The real estate developer’s fintech unit already has a digital banking license in Singapore; “We are ready to step into Hong Kong,” CEO says.
Crypto community reacts to Ledger wallet’s secret recovery phrase service
Many members of the crypto community believe Ledger’s latest seed phrase recovery feature is a bad idea.
BNY Mellon Embraces Long-Term Digital Asset Initiatives Across All Lines of Business
In a dynamic move towards digital transformation, BNY Mellon, one of the oldest banks in the United States, is pushing forward with its initiatives focused on distributed ledger technology, tokenization, and digital cash.
Roman Regelman, the CEO of securities services and digital, revealed in a recent interview that the bank has been prioritizing digital assets for the past two years in response to increasing client demand.
This latest disclosure comes amid the US banking crisis and United States regulators’ continuous crackdown on the crypto industry, a sector of the global digital asset market.
Notably, yesterday, the US Securities Exchange and Commission (SEC) responded to Coinbase’s complaint saying crypto rulemaking may take years and that it is “in no rush.”
BNY Mellon Embraces Digital Asset Including Crypto?
While BNY Mellon did not explicitly mention cryptocurrencies as part of its digital asset focus, the American Banker reported on the bank’s prudent motion into the crypto-verse. CEO Robin Vince, during the bank’s first-quarter earnings call, highlighted the bank’s meticulous and methodical approach, characterizing their progress as being “exceptionally slow.”
To demonstrate its commitment to digital assets, BNY Mellon is actively pursuing three key initiatives. This includes actively expanding its services to include custody and clearing solutions for digital assets, with the aim of diversifying its offerings and accommodating a wider range of asset classes.
Regelman revealed the bank’s vision for digital assets going forward, saying that “Everything that we do, we want to do for digital assets.”
BNY Mellon is also placing significant emphasis on the adoption of blockchain technology and other innovative advancements to modernize its infrastructure. This decision is aimed at improving operational efficiency, reducing costs, and enabling real-time capabilities across the bank’s systems.
Another initiative the 240-year-old bank is planning to pursue is actively exploring the concept of tokenization as a strategy to democratize investment opportunities.
By embracing tokenization, the bank seeks to unlock new avenues for investors and enable broader access to alternative asset classes, fostering a more inclusive investment ecosystem.
Leading the Digital Transformation in Financial Services
By embracing long-term digital asset initiatives across all lines of business, BNY Mellon appears to be positioning itself as a leader in the financial industry’s digital transformation.
As the demand for digital assets such as cryptocurrencies and innovative technologies continues to rise, the bank’s strategic focus on distributed ledger technology, tokenization, and digital cash highlights its commitment to meeting the evolving needs of its clients and staying at the forefront of financial innovation.
It is worth noting that BNY Mellon’s gradual approach to the crypto realm reflects the cautious stance adopted by other traditional financial institutions.
Recently, Investment bank JPMorgan announced that it will launch trial applications on blockchain technology to offer dollar-based settlement services.
Meanwhile, following the news, BNY Mellon’s stock price hasn’t made any significant movement, however, it has recorded a few gains in the past day up by 1.3%. BNY Mellon currently trades at $40.70 at the time of writing.
Featured image from Unsplash, chart from TradingView.com
Digital asset market shrinks as fund outflows reach $200M: CoinShares
According to CoinShares, digital asset investment products saw outflows totaling $54 million last week.
US House financial committee tells SEC they don’t like custody proposal
The letter criticizes the proposed rule for its impact on the banking industry, particularly in ways that would be disadvantageous to the digital asset industry.
Binance looks to the UK for regulation amid US crypto crackdown
Binance seeks regulation in the U.K. amid a U.S. crackdown on cryptocurrencies as its chief strategy officer acknowledges the challenging business environment in the U.S.
Coinbase legal chief sends letter to SEC on RIA rulemaking
Coinbase’s chief legal officer requests revisions to SEC’s RIA custody rule to safeguard all asset classes, including cryptocurrencies, criticizing the rule for unfairly targeting crypto.
Digital Asset Will Start Global Blockchain Network With Deloitte, Goldman Sachs and Others
Financial technology company Digital Asset has announced it will be launching a privacy-enabled interoperable blockchain network designed for institutional assets to provide a decentralized infrastructure, it announced Tuesday.
New White House standards strategy could have implications for crypto industry KYC
The Biden administration has released a strategy document focusing on setting standards for “critical and emerging” technologies such as blockchain and digital ID.
SEC has 10 days to respond to Coinbase complaint: Legal exec
Coinbase’s legal battle for regulatory clarity over the trading of digital crypto assets saw a development as a U.S. court responded to its complaint against the SEC.