BNY Mellon said to hire Bitcoin Custody Service Fireblocks

[Cordillerabit]

According to three people familiar with the matter, BNY Mellon is working with Fireblocks as part of the banking giant's plans to hold bitcoin and other crypto assets on behalf of customers.

The bank said it was working with outside partners on the crypto custody game earlier this month, but did not identify them.

Large organizations are looking for ways to speed up their offers with bitcoin edging its way to Wall Street, creating a little gold rush for crypto-native service providers.

Banks in Europe have announced partnerships with specialists in crypto custody, such as Metaco of Switzerland. In collaborating with multi-party computing shop Fireblocks, BNY Mellon takes a similar approach.

BNY Mellon also has a long-standing partnership with Bakkt, the crypto trading platform owned by Intercontinental Exchange, which is worth noting (ICE).

BNY Mellon and Fireblocks declined to comment.

"Fireblocks worked for a long time with BNY Mellon," a source said.

Two sources said that Fireblocks is also about to finish another funding round. In November of last year, the firm closed a $30 million Series B.

There is no doubt that Fireblocks is doing well, having recently announced that it was providing Diem, the Facebook-backed stablecoin consortium previously known as Libra, with custody services.

BNY Mellon's custody platform for digital assets will go live later this year.

Source: Bityard