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BNY Mellon Said to Hire Fireblocks for Bitcoin Custody Service
Earlier this month, America’s oldest bank said it was using outside partners for its crypto custody service but did not name names.
BNY Mellon is working with Fireblocks as part of the banking giant’s plans to hold bitcoin and other crypto assets on clients’ behalf, according to three people familiar with the matter.
STORY CONTINUES BELOW
The bank said earlier this month it was working with outside partners on the crypto custody play but did not identify them.
With bitcoin edging its way onto Wall Street, big institutions are looking for ways to accelerate their offerings, creating a bit of gold rush for crypto-native service providers.
Banks in Europe have announced partnerships with crypto custody specialists like Switzerland’s Metaco. BNY Mellon is taking a similar approach in working with multi-party computation shop Fireblocks.
It’s worth noting that BNY Mellon also has a long-standing partnership with Bakkt, the crypto trading platform owned by Intercontinental Exchange (ICE).
Fireblocks and BNY Mellon declined to comment.
“Fireblocks has been working with BNY Mellon for a long time,” said a source.
Two sources said Fireblocks is also about to complete another round of financing. The firm closed a $30 million Series B in November of last year.
Read more: BNY Mellon Announces Crypto Custody and Spies Integrated Services
There’s no doubt Fireblocks is doing well, having recently announced it was providing custody services to Diem, the Facebook-backed stablecoin consortium formerly known as Libra.
BNY Mellon’s digital assets custody platform will go live later this year.
Ian Allison
Ian Allison is a senior reporter at CoinDesk, focused on institutional and enterprise adoption of cryptocurrency and blockchain technology. Prior to that, he covered fintech for the International Business Times in London and Newsweek online. He won the State Street Data and Innovation journalist of the year award in 2017, and was runner up the following year. He also earned CoinDesk an honourable mention in the 2020 SABEW Best in Business awards. His November 2022 FTX scoop, which brought down the exchange and its boss Sam Bankman-Fried, won a Polk award, Loeb award and New York Press Club award. Ian graduated from the University of Edinburgh. He holds ETH.
