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Dublin plays an important role in making digital assets used more often, says BNY Mellon

Dublin will play an important role as cryptocurrencies such as Bitcoin become more mainstream, according to BNY MellonBecame the first major global custodian bank to install dedicated units and adopt digital assets earlier this year.

Talking to the Irish Times during my visit to Dublin last week Roman RegermanCEO and Digital Officer of Asset Services, the oldest bank in the United States, talked about the leap into the crypto market.

While more institutional investors are interested in cryptocurrencies, Regelman said regulations on how to manage cryptocurrencies are becoming clearer.

BNY Mellon recently established a Digital Innovation Hub in Dublin. Central BankActs as an administrator of digital assets. Digital assets include non-fungible tokens (NFTs) as well as cryptocurrencies.

“Great ecosystem”

The bank has been paying more attention to digital assets in recent months by investing in Fireblocks, a platform that allows financial institutions to store, move and issue cryptocurrencies. Last month, a major agreement was signed with Grayscale Investments to provide asset services and exchange-traded fund (ETF) services to Grayscale Bitcoin Trust.

Regelman said the Irish capital will play an important role as BNY Mellon and its peers begin to treat digital assets like any other holding company.

“Dublin has a really great ecosystem. I’m not just talking about banking, but it’s all about digital operations, technology, risk, compliance and legal. It’s all about dealing with digital assets. It has led to a truly vibrant environment, “says Regelman.

“Some of my key figures are based here and many announcements will be made from here …. There aren’t really many places like Dublin that have such an environment outside of New York. . ”

Technology architecture

Regelman’s comment was released a few days after the central bank governor. Gabriel Maklouf While praising the technological architecture behind cryptocurrencies, he also warned of the risks they pose as more individuals trade digital assets. They are also in the midst of reports that PayPal has begun forming small teams locally to support the transition to cryptocurrencies.

The republic has become like a blockchain hub. Blockchain is a technology that develops cryptocurrencies with companies such as We.trade, a banking consortium that includes members. HSBC, Santander, KBC and Deutsche Bank, Based here. Other notable companies doing business in Dublin include Joe Rubin, Co-founder of the blockchain-based distributed software platform Ethereum.

Regelman rejected the proposal that digital assets would soon replace other currencies. “Digital assets will become more mainstream, but as they do, they are no longer seen as such strange animals.”

Dublin plays an important role in making digital assets used more often, says BNY Mellon

Source link Dublin plays an important role in making digital assets used more often, says BNY Mellon

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