BNY Mellon’s treasury unit has organized a new innovation group aimed at investigating and testing new technologies like blockchain.
Dubbed the Global Innovation Group, the effort will be spearheaded by managing director Christopher Mager, who previously worked as the unit’s head of market segments.
Officials from the bank said that the new effort is, at its core, aimed at helping the bank and its clients navigate an environment that is being reshaped by new technologies like blockchain.
Treasury Services CEO Ian Stewart said in a statement:
The BNY Mellon Treasury Services Business has perhaps come to be a major focal point for blockchain investigation at the Jersey City-based bank, given the tech’s applicability in the areas of payments and transaction settlement.
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.