BNY Mellon (BNY), the largest custodian bank in the United States, continues to leverage digital assets to expand its business.
At this point, BNY Mellon finally launched tokenized deposit services.
According to Bloomberg, the Bank of New York Mellon (BNY Mellon) has announced the launch of a blockchain-based “tokenized deposit” service.
Tokenized deposit services aim to transform traditional bank deposits into on-chain digital assets, increasing the efficiency of fund transfers and payments.
BNY Mellon said in an announcement that its latest service represents deposits held in customer accounts in the form of digital cash on the blockchain, which can be used for collateralized trading, margin trading, and fast payouts.
“The key here is to ensure that traditional banking infrastructure and the digital ecosystem are connected,” said Carolyn Weinberg, BNY Chief Product Innovation Officer.
The service’s customers include Intercontinental Exchange (ICE), the parent company of the New York Stock Exchange (NYSE), as well as Citadel Securities, DRW Holdings, Ripple Labs, Ripple Prime, and Circle, according to the report.
*This is not investment advice.
