BNY Mellon Said to Hire Fireblocks for Bitcoin Custody Service

Earlier this month, America’s oldest bank said it was using outside partners for its crypto custody service but did not name names.

AccessTimeIconFeb 22, 2021 at 7:04 p.m. UTC
Updated Sep 14, 2021 at 12:15 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

BNY Mellon is working with Fireblocks as part of the banking giant’s plans to hold bitcoin and other crypto assets on clients’ behalf, according to three people familiar with the matter.

The bank said earlier this month it was working with outside partners on the crypto custody play but did not identify them.

With bitcoin edging its way onto Wall Street, big institutions are looking for ways to accelerate their offerings, creating a bit of gold rush for crypto-native service providers. 

Banks in Europe have announced partnerships with crypto custody specialists like Switzerland’s Metaco. BNY Mellon is taking a similar approach in working with multi-party computation shop Fireblocks.

It’s worth noting that BNY Mellon also has a long-standing partnership with Bakkt, the crypto trading platform owned by Intercontinental Exchange (ICE).   

Fireblocks and BNY Mellon declined to comment.

“Fireblocks has been working with BNY Mellon for a long time,” said a source. 

Two sources said Fireblocks is also about to complete another round of financing. The firm closed a $30 million Series B in November of last year.

There’s no doubt Fireblocks is doing well, having recently announced it was providing custody services to Diem, the Facebook-backed stablecoin consortium formerly known as Libra.

BNY Mellon’s digital assets custody platform will go live later this year.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.