New York Melon Bank invests in cryptocurrency startup Fireblocks

New York Melon Bank invests in cryptocurrency startup Fireblocks

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[Blockchain Today Reporter Seo-yeon Jang] Cointelegraph reported that the oldest bank in the United States, BNY Mellon, has been actively investing in the digital asset industry.

According to a report from the Wall Street Journal on the 18th (local time), cryptocurrency startup Firebloks, BNY Melon and hedge fund firm Coatue Management, venture capital firm Ribbit Capital, and Stripe Raised $133 million in a Series C funding round featuring (Stripes).

BNY Mellon’s strategic investment in Fireblocks is known as part of the bank’s plans to implement Fireblocks’ technology in a cryptocurrency management platform in the future. As previously reported, BNY Melon has officially announced a dedicated digital asset unit configuration that creates a multi-asset management and operation platform for both existing Jisan and digital assets.

Fireblocks was founded in 2018 by Israeli military intelligence experts such as Michael Shaulov, who co-founded mobile security startup Lacoon Mobile Security. The company specializes in digital asset management and puts a lot of effort into speeding up digital transactions. According to the WSJ, in the recent funding round, Fireblocks’ value exceeded $900 million, raising a total of $179 million to date.

It is reported that BNY Melon and Fireblocks did not immediately respond to Cointelegraph’s request for comment.

BNY Melon is not the only financial institution preparing to launch a crypto management solution. Deutsche Bank also plans to enter the cryptocurrency management business such as transaction and token issuance services.

“Cryptocurrency management will not be very different from the existing services that banks have already provided,” said Brian Letourridge, associate professor of finance at Carnegie Mellon University. While it’s important to keep a bunch of public and private keys, he said, “It’s not that difficult, or that doesn’t matter too much for most banks.”

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