Bank of New York Mellon launches tokenized deposits to expand its digital asset business.

PANews reported on January 9th, citing Bloomberg, that Bank of New York Mellon has launched a tokenized deposit service, allowing customers to transfer funds via blockchain channels, becoming the latest major global bank to delve deeper into the digital asset space. The company stated that this form of digital cash is an on-chain representation of deposits held in BNY Mellon customers' accounts at the bank. As BNY Mellon moves towards 24/7 operations, the service can be used for collateralized and margin trading and can accelerate payments. Clients participating in this new service include exchange operator Intercontinental Exchange, trading firms Citadel Securities and DRW Holdings, Ripple Prime (a subsidiary of Ripple Labs Inc.), asset management firm Baillie Gifford, and stablecoin company Circle.