The oldest bank in the US, BNY Mellon, has confirmed that it created a Digital Innovation Hub in Dublin, Ireland. The news was revealed yesterday.
The role of this crypto unit is to offer custody services for various types of assets.
The bank confirmed it would enter the crypto space in February, even before modern banks like JPMorgan or Citi. The announcement read that it would allow customers to hold and trade digital assets this year, but it didn’t mention an exact release date for the service.
The following month, BNY Mellon also confirmed its strategic investment in crypto startup Fireblocks.
BNY Mellon is the largest custodian bank on the globe as it has about $41 trillion worth of assets under management. It created its Irish unit in 1994.