prolly nothing... https://cointelegraph.com/news/bny-...igital-asset-custody-platform-later-this-year BNY Mellon plans to launch digital asset custody platform later this year The investment bank reportedly said it will begin with the United States and then expand worldwide based on market demand. NEWS BNY Mellon, a major investment bank, is developing a digital asset custody platform that will allow institutional customers to gain crypto exposure. According to a report from City A.M., customers will be able to store the world’s most popular cryptocurrencies, Bitcoin (BTC) and Ether (ETH), in BNY Mellon crypto wallets, which will be powered by Fireblocks technology. However, once regulatory approval has been granted, the service will gradually increase and integrate a variety of tokenized traditional and digital assets. The new service, according to the investment bank, is expected to be offered later this year. BNY Mellon also suggested it will be “the first to enter” the global digital custody market. According to the report, Mellon intends to begin with the United States before expanding worldwide based on demand. After the American debut, BNY Mellon head of digital asset custody Talia Klein predicts that the service might extend to the United Kingdom: “I think what we’re seeing in the UK is that there’s a really vibrant and active digital assets market here.” Related: BNY Mellon joins State Street to service new crypto exchange In February last year, the bank initially revealed its intentions to store, transfer and issue Bitcoin and other cryptocurrencies as an asset manager on behalf of its clients. BNY Mellon announced a collaboration with Grayscale Investments in July 2021 to provide a range of services for its flagship Bitcoin investment product. As reported by Cointelegraph, BNY Mellon recently partnered up with Chainalysis, a blockchain data and analysis firm, to utilize Chainalysis compliance software within its risk management system.
Lol, who else but BNY. Still, a positive development overall for cryptos, imo. https://finance.yahoo.com/news/compatriots-book-russia-money-laundering-soldatov-140030610.html I’m curious, how will this work with digital assets? They will hold assets under their own wallets and be responsible for their security, right? And if you want to transfer out, you just provide your personal wallet address to transfer to?
For regular people like us, it's no big deal, we can go to Coinbase and buy bitcoin and leave it there or withdraw to our own local wallet I read and heard (i.e. YouTube) that custody of assets is a very big deal for Institutional Investors, RIA's, FO's, wealth managers, pension funds, wealthy people, etc For those people, there's the question of security (of course), taxes (recordings), compliance (i.e. don't want to purchase coins from ransomware hackers), beneficiaries (when appropriate) Also, bitcoin and cryptos offer a very interesting bonus as assets which is yields. Fidelity offers this with partnership with BlockFi although that may be in jeopardy due to regulators cracking down on these outfits that provide yields on crypto assets JP Morgan, Morgan Stanley, and Goldman Sachs in partnership with NYDIG have made similar announcements and may already be active on this custody business deal It is why regulatory clarity in the US for crypto assets is important There are literally tens of trillions of $ that are waiting to get allocated to cryptos ecosystem
I disagree. You must be US based, in which case cryptos are just another speculative asset choice for your portfolio. But for many places around the world, crypto is supposed to be alternative to holding (illegally) US dollars to protect their assets from local governments. But they/we need to be assured that these money is reasonably safe. I need to be sure that if someone finds out that I hold digital currency, it would be very difficult for them to forcefully take it from me. This applies to regular people and corporations/executives. https://www.controlrisks.com/our-thinking/insights/kidnapping-for-crypto-ransom
You're correct about me being in the US and that we have the advantage of a developed infrastructure for cryptos I posted about the major adoption and usage of cryptos in Africa, Palestine, Turkey and other places and I can imagine all the things you mentioned regarding the major importance of OpSec and backups What's been discussed for a very long time on reddits and bitcointalk especially for the hodlers of large amounts is the need for "dummy" wallets that contain small amount of cryptos but big enough to be convincing to satisfy "physical attackers" utilizing the $5 wrench method