BNY Mellon forms digital assets unit to address clients' cryptocurrency needs

Bank of New York Mellon Corp. is forming an enterprise digital assets unit to address clients' needs related to the growth of digital assets, including cryptocurrencies.

The digital assets unit "plans to deliver a secure infrastructure for transferring, safekeeping and issuing digital assets," said Mike Demissie, the designated leader of the team and BNY Mellon's head of advanced solutions, in a news release.

The unit is developing a client-facing prototype designed to be the industry's first multi-asset digital custody and administration platform for traditional and digital assets.