BNY Mellon to establish custodian in Ireland amid local central bank criticism of Bitcoin

The Bank of New York Mellon (BNY Mellon), a financial holding company with $2.2 trillion in assets under management, announced the creation of a Digital Innovation Hub. The unit will allow clients to hold, transfer and issue digital assets, according to Business Post.

The division will act as a custodian for cryptocurrencies, CBDCs and NFTs. The Central Bank of Ireland will regulate its activities.

Earlier the country’s monetary regulator criticized cryptocurrencies. The head of the Financial Conduct Department, Derville Roeland said that investors risk losing all their money due to the ‘speculative nature’ of digital assets.

Back in February, BNY Mellon announced the launch of a custody service for Bitcoin and other cryptocurrencies.

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