ChainCatcher news, according to Ledger Insights, BNY (Bank of New York Mellon) has announced that it will become an early user of the lending platform EquiLend 1Source, marking its further investment in the securities lending field. In addition, BNY will also acquire a minority stake in EquiLend.It is reported that EquiLend's 1Source platform utilizes Distributed Ledger Technology (DLT) to enhance the transparency and efficiency of securities lending. The launch of the platform is expected to change the traditional operations of securities lending, providing users with more efficient trading and management tools. BNY's participation not only brings funding support to EquiLend but also provides an important user base for its market promotion. As one of the initial users, BNY will be able to gain priority experience during the early launch of the platform and participate in the further development and optimization of the product.

ChainCatcher news, according to The Information, as banks warm up to cryptocurrency, Bank of New York Mellon (BNY) is expanding its services for stablecoin issuer Circle. Sources say that the bank will allow some clients to remit funds to or receive funds from Circle through BNY for the purchase or sale of Circle's stablecoins. Previously, Circle's clients had to use small U.S. banks to remit funds to Circle, which could limit the growth scale of this stablecoin company.This new arrangement facilitates the creation and redemption of Circle's stablecoins and can help the New York-based Circle drive broader adoption of its dollar-pegged stablecoin among other traditional financial institutions. The two companies stated in a joint announcement, "BNY and Circle will continue to work to bridge the gap between traditional finance and digital finance, and explore how to deepen our relationship for the benefit of the financial markets." Reports suggest that these changes will help make Circle more attractive to investors ahead of a potential initial public offering (IPO).The partnership with BNY is noteworthy because the company is a Global Systemically Important Bank (G-SIB), a regulatory designation that subjects it to particularly stringent oversight. Using a large U.S. bank like BNY is a way for Circle to differentiate itself from competitors like Tether. Some insiders have indicated that BNY has received approval from the New York State Department of Financial Services to provide a broader range of payment services to Circle. By servicing Circle, BNY may also attract more crypto-related deposits. Insiders previously stated that the company has been discussing providing banking services to more crypto firms but is cautious and only works with the safest companies.

ChainCatcher news, according to CryptoSlate, Bank of New York Mellon (BNY Mellon) disclosed that it holds over $13 million in Bitcoin exchange-traded funds (ETFs) at the end of the fourth quarter.Specifically, it holds 115,108 shares of BTCW, valued at approximately $11.87 million, and 25,309 shares of IBIT, valued at approximately $1.4 million. Federal Reserve Chairman Powell recently stated that as long as banks can manage the associated risks properly, the Federal Reserve will not prevent banks from offering cryptocurrency services.

ChainCatcher news, according to Jinshi reports, the CEO of Bank of New York Mellon stated that tokenization is a major trend in the financial markets, and any new developments in crypto assets need to be tested in practice.

ChainCatcher message, according to Bloomberg, U.S. Securities and Exchange Commission Chairman Gary Gensler stated that the custody model of Bank of New York Mellon can be extended beyond Bitcoin and Ethereum ETFs. He pointed out, "This structure itself does not depend on what cryptocurrency is; what cryptocurrency is does not matter."

ChainCatcher news, according to Bloomberg, U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler stated that the digital asset custody service structure proposed by Bank of New York Mellon can be applied to cryptocurrencies beyond Bitcoin and Ethereum ETFs.Gensler mentioned that the structure proposed by Bank of New York Mellon includes the use of individual crypto wallets, with each wallet having a separate bank account, and prohibits mixing with bank assets. Earlier this week, Bank of New York Mellon acknowledged that it had submitted a Bitcoin and Ethereum custody plan to the SEC's Office of the Chief Accountant to protect customer funds in the event of a bank bankruptcy.

ChainCatcher news, Bank of New York Mellon (BNY) is moving towards providing custody services for Bitcoin and Ethereum for its exchange-traded fund (ETF) clients, following the U.S. Securities and Exchange Commission (SEC) easing its requirements regarding compliance with controversial cryptocurrency accounting standards.The SEC's Office of the Chief Accountant concluded earlier this year that banks do not need to comply with the SEC's Staff Accounting Bulletin SAB 121.SAB 121 requires companies to classify their safeguarded customer crypto assets as liabilities in their accounting. This has been a challenge for the U.S. crypto industry since its introduction in April 2022.

ChainCatcher news, according to Un Chained Crypto, during the public testimony of the Wyoming Blockchain, Financial Technology and Digital Innovation Special Committee, the largest custodian bank in the U.S., Bank of New York Mellon (BNY), was confirmed to have received an "exemption" from the U.S. Securities and Exchange Commission (SEC) SAB 121 accounting standards for its institutional cryptocurrency custody business.U.S. Senator Cynthia Lummis (R-WY) Chief Legal Counsel Chris Land stated that the SEC and possibly other regulatory agencies have cleared the way for Bank of New York Mellon to provide institutional digital asset custody services. Land stated in the testimony: "Bank of New York Mellon is seeking to engage more deeply in the cryptocurrency custody business, and they have encountered some issues with Accounting Bulletin (SAB) 121, and the SEC has clearly granted them some kind of exemption so they can continue to move forward."Previously, SEC Chief Accountant Paul Munter unexpectedly revealed in a speech that the agency had granted some SAB 121 exemptions, primarily finding that if certain conditions are met, the rule does not apply to certain entities. Munter stated that a bank, several brokerage firms, and other entities using blockchain to track and transfer traditional financial assets have received exemptions, but he did not specify the names of these entities.

ChainCatcher news, a 2024 study by BNY Mellon Wealth Management shows that approximately 39% of surveyed family offices are actively investing in or considering cryptocurrencies. The motivation for these family offices is to keep up with the new investment trends and opportunities brought by digital assets.Conversely, a similar proportion (39%) of family offices are not interested in cryptocurrencies, citing concerns over the high volatility of digital assets and the unclear regulatory environment. Issues such as hacking and cybercrime further deter these family offices from engaging with cryptocurrencies.

ChainCatcher news, according to Bloomberg, Goldman Sachs, BNY Mellon, the Chicago Options Exchange, and several other companies have completed a series of pilot tests on a blockchain network connecting different banks and financial institutions.It is reported that this is the largest inter-chain experiment in the capital markets, using the Canton Network, which was launched by the startup Digital Asset Holdings last May. Participants executed over 350 simulated transactions on the blockchain, involving tokenized assets, fund registration, digital cash, repurchase agreements, securities lending, and margin management.

ChainCatcher According to DL News, cryptocurrency custody technology provider Fireblocks plans to expand its services to help banks more easily enter the cryptocurrency space. Fireblocks has already begun assisting existing clients such as BNY Mellon and BNP Paribas in providing cryptocurrency services.More and more financial giants are actively exploring cryptocurrencies, and there are signs that cryptocurrencies are emerging from the winter. Fireblocks recently launched new hardware security modules and cloud computing integrations to help banks join the cryptocurrency market.

ChainCatcher news, according to The Block, Caroline Butler, the global head of digital assets at BNY Mellon, will co-chair the CFTC digital asset panel alongside Sandy Kaul from Franklin Templeton.Other members of the panel include executives from cryptocurrency companies such as Coinfund, Crypto.com, and Uniswap, as well as representatives from traditional Wall Street financial institutions like BlackRock, DRW, and Goldman Sachs. (Source link)

ChainCatcher news, digital bank Onyx Private announced the completion of a new funding round of $4.1 million, with participation from Village Global, Y Combinator, Global Founders Capital, One Way Ventures, 186 Ventures, and Olive Tree Capital.It is reported that Onyx Private is currently collaborating with Piermont Bank to provide digital banking services, offering users high-yield, fixed-income investment portfolio products. Its investment services are managed by Helium Advisors, and brokerage accounts are cleared through Pershing, a subsidiary of BNY Mellon. (source link)

ChainCatcher news, during the first quarter earnings call, BNY Mellon CEO Robin Vince does not consider himself a cryptocurrency bank and will continue to invest slowly in the industry.Additionally, he stated that the bank would not aggressively seek cryptocurrency deposits like other banks, and it will proceed with a slow layout in the cryptocurrency space. (CoinDesk)

ChainCatcher news, according to The Block, BNY Mellon has hired former Zodia Custody CEO Maxime de Guillebon as the head of digital asset products and appointed former BlockFi employee Rachel Willis as Chief of Staff for the digital asset division. (source link)

ChainCatcher news, Michael Demissie, head of digital assets at BNY Mellon, stated that the digital asset industry "will continue to exist," as institutional investors have a strong interest in cryptocurrencies. He said, "What we are seeing is that clients are absolutely interested in digital assets."Demissie cited a survey conducted by BNY Mellon in October 2022, which found that 91% of custody bank clients are interested in investing in blockchain-based tokenized products. The survey also revealed that 86% of institutional investors are adopting a "buy and hold" strategy, which may indicate that they view the cryptocurrency market as a long-term investment. Additionally, 88% of respondents stated that the severe downturn in the cryptocurrency market in 2022 did not change their plans for long-term investment in the digital asset space. (Reuters)

ChainCatcher news, BNY Mellon CEO Robin Vince stated during the earnings call on Friday that digital assets are the bank's "longest-term investment" and acknowledged that the bank must adapt to technological changes. However, Vince also pointed out that the focus will not be on cryptocurrencies themselves, but rather on the "broader opportunities that exist within digital assets and distributed ledger technology."Vince also mentioned on the call that he does not believe cryptocurrencies will become a major source of revenue for banks in the near future. According to him, digital assets are expected to be negligible from a revenue perspective for the next five years. Vince compared the neglect of digital asset market practitioners to "custodians from 50 years ago, who insisted on using paper instead of adopting computers... that will not be us." But he added that any investments made in this area are cautious.Previously, BNY Mellon received approval from New York financial regulators last year to accept Bitcoin and Ethereum deposits from specific clients, and the bank is working with Fireblocks and Chainalysis as its two main partners for its custody business. (source link)