BNY Mellon gains new asset servicing mandate
15 July 2021 US
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BNY Mellon has been appointed as asset servicing provider for Grayscale Bitcoin Trust, the flagship product of Grayscale Investments.
Through this agreement, BNY Mellon will provide Grayscale Bitcoin Trust with fund accounting and administration, effective 1 October 2021.
Additionally, it is anticipated that BNY Mellon will provide transfer agency and exchange traded fund (ETF) services for the Grayscale Bitcoin Trust upon its conversion to an ETF.
According to BNY Mellon, the agreement will offer Grayscale improved scalability, resiliency, and automation through its proprietary ETF Centre, which offers technology specifically designed to support digital asset ETFs.
Michael Sonnenshein, CEO of Grayscale Investments, comments: “Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF.”
Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, comments: “Providing essential fund administration services to the world’s largest digital currency asset manager further validates that BNY Mellon stands squarely at the intersection of trust and innovation.”
Regelman adds: “It’s another critical milestone in our rapidly growing digital asset capabilities and broader strategy of putting client choice at the centre of everything we do.”
Elsewhere, BNY Mellon has entered into a definitive agreement to acquire Milestone Group, a provider of fund management technology.
Through this agreement, BNY Mellon will provide Grayscale Bitcoin Trust with fund accounting and administration, effective 1 October 2021.
Additionally, it is anticipated that BNY Mellon will provide transfer agency and exchange traded fund (ETF) services for the Grayscale Bitcoin Trust upon its conversion to an ETF.
According to BNY Mellon, the agreement will offer Grayscale improved scalability, resiliency, and automation through its proprietary ETF Centre, which offers technology specifically designed to support digital asset ETFs.
Michael Sonnenshein, CEO of Grayscale Investments, comments: “Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF.”
Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, comments: “Providing essential fund administration services to the world’s largest digital currency asset manager further validates that BNY Mellon stands squarely at the intersection of trust and innovation.”
Regelman adds: “It’s another critical milestone in our rapidly growing digital asset capabilities and broader strategy of putting client choice at the centre of everything we do.”
Elsewhere, BNY Mellon has entered into a definitive agreement to acquire Milestone Group, a provider of fund management technology.
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