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Fresh Off the Block: BNY Mellon launches crypto custody platform in the US and more

Khairani Afifi Noordin
·2-min read

Coinbase forms a strategic partnership with Google Cloud while Amber Group has launched an equity investment product.

BNY Mellon has launched its Digital Asset Custody platform in the US on Oct 11, allowing selected clients to hold and transfer cryptocurrencies. This follows a survey it sponsored, which found that there is already a significant institutional demand for a resilient, scalable financial infrastructure built to accommodate both traditional and digital assets.

The bank formed an enterprise Digital Assets Unit back in 2021 to develop solutions for digital asset technology, with plans to launch the industry’s first multi-asset platform that bridges digital and traditional asset custody. It has has also tapped digital asset technology specialists Fireblocks and Chainalysis to meet the security and compliance needs of its clients across the digital asset space.

Photo: Coinbase

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Nasdaq-listed crypto exchange Coinbase has formed a strategic partnership with Google Cloud to accelerate Web3 adoption and innovation. Through this partnership, Google Cloud will enable customers to pay for its cloud services via cryptocurrencies through Coinbase’s merchant payment platform Coinbase Commerce.

Google will also use Coinbase Prime for institutional crypto services such as secure custody and reporting. Coinbase claims to have over 14,500 institutional clients including some of the largest traditional financial firms.

Photo: Amber Group 

Temasek-backed crypto services platform Amber Group has launched Amber Eco Fund, its first actively managed equity investment product. Anchored by a sovereign wealth fund and notable family offices in Asia Pacific, the programme focuses primarily on providing seed investments in early-stage companies in Web3, decentralised finance and blockchain games, among others.

Amber Eco Fund runs in tandem with Amber Labs, the firm’s incubation and research arm. Across all products and categories, Amber Group has turned over US$1 trillion in volumes since inception.

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