Bank

Strong

Partner

<ul>
 <li>BNY Mellon secures approval to offer crypto retention for institutional clients.</li>  
 <li>The coin’s blockchain technology will support global asset tokenization.</li>  
 <li>This partnership aims to make asset management faster and more secure for investors.</li> 
</ul>  
<p>BNY Mellon, the largest custodian bank in the world, has joined with Ripple to drive forward tokenization. This cooperation arrives as 97% of valuable executives expect tokenization to transform banking, according to a recent report from the financial institution. The collaboration is set to integrate cryptographic advancements into the ususal monetary system and bring a new level of efficiency.</p>  
<h2 class="wp-block-heading" id="h-bny-mellon-secures-approval-for-crypto-custody-services">BNY Mellon Secures Approval for Crypto Custody Services</h2>  
<p>The company recently received an assuarance&nbsp; from the U.S. Securities and Exchange Commission to offer crypto holding solutions. The bank was given permission to bypass rules that previously limited financing from providing these services. Now, it is set to offer crypto storage&nbsp; to institutional clients, expanding its financial support and bringing secure access to digital assets.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/AbsGMCrypto/status/1837677250772169205
 </div>
</figure>  
<p>The lender's Securities Services department already provides support for common Investments like stocks and bonds. By adding crypto custody,&nbsp; Mellon aims to meet growing institutional demand for digital assets. This development marks an important step as the bank moves to embrace <a href="https://cryptonewsland.com/sui-network-blockchain-of-the-month-sui-surges/" target="_blank" rel="noopener noreferrer nofollow">blockchain </a>innovations in the financial space.</p>  
<h2 class="wp-block-heading" id="h-ripple-s-role-in-creating-real-world-wealth">Ripple’s Role in Creating Real-World Wealth</h2>  
<p>XRP will play a major role in this new initiative by providing blockchain infrastructure. This will support the tokenization of real-world resources like real estate, stocks, and commodities. The use of tokens enables belongings to be represented digitally, allowing faster and safer payments.</p>  
<p>This partnership will also help reduce costs and improve transparency for material amenities. XRP’s blockchain fits well with the bank’s current collateral handling and securities lending functions. Both companies see this as a strategic move toward advancing traditional financial services through digital solutions.</p>  
<h2 class="wp-block-heading" id="h-institutional-interest-in-tokenization-remains-strong">Institutional Interest in Tokenization Remains Strong</h2>  
<p>Despite challenges faced by the crypto industry, including the collapse of firms like FTX and Celsius, institutional interest in digital stakes has remained steady. The Bank of New York’s decision to enter crypto custody shows the growing demand for secure and regulated digital possession solutions. This partnership could push tokenized funds into the mainstream for institutional investors.</p>  
<p>BNY Mellon’s Asset Servicing division, known for services like fund accounting and global custody, will also benefit from Ripple’s blockchain technology.&nbsp;</p> 
<p>The post <a href="https://cryptonewsland.com/ripple-and-bny-mellon-partner-to-revolutionize-asset-tokenization-in-finance/" rel="noopener noreferrer nofollow">Ripple and BNY Mellon Partner to Revolutionize Asset Tokenization in Finance</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Ripple and BNY Mellon Partner to Revolutionize Asset Tokenization in Finance

Table of Contents

Crypto News Land

Other articles published on Sep 22, 2024

US judge slaps $36M fine on man for 5-year crypto investor fraud

Crypto Boy Reviews Memebet Token Presale – Why $MEMEBET Could Be The Next 100X Gem

Tiff Macklem: AI’s Rapid Rise May Drive Inflation and Job Displacement

Chris Burniske Analyzes the Upcoming Bull Run in Cryptocurrency Markets

Samourai Wallet forked into ‘Ashigaru’ Open Source Project

AI Coins Surge: These 3 Tokens Saw Significant Gains!

Join our free newsletter for daily crypto updates!