BNY Mellon Executive Appointment Hints At Possible Cryptocurrency Custody Offering
Milestone Date: February 3, 2023
The world’s largest custodian with $44 trillion in assets under custody, BNY Mellon appointed Caroline Butler as CEO of Digital Assets. Caroline is experienced in driving innovation for digital custody and administration for digital assets, and she launched BNY Mellon’s crypto custody service in October 2022.
Butler previously dedicated 21 years to J.P. Morgan, where she was Head of Global Custody Product for the Americas. This is a disruptive move by the financial giant, and they’ve not been shy about embracing digital assets. During January’s earnings call, BNY Mellon’s CEO, Robin Vince, stated that not innovating to support digital assets “would be like being the custodian of 50 years ago and sticking with paper and not adopting a computer. That’s not going to be us.”
Institutional adoption of digital assets is constantly evolving, and enterprises that stay abreast of emerging technology can provide a broader scope of services to their customers. As the amount of banking customers embracing cryptocurrencies increases, more banks are considering enterprise-grade custody solutions. Banks that offer the custody of cryptocurrency open up the opportunity for their business and retail clients to diversify their currency reserves if they prefer to entrust custodianship to a bank. Last October, DZ Bank — Germany's second-largest bank — announced its intentions to launch a cryptocurrency custody offering.
By Elizabeth Morrison
Published:April 19, 2023