As cryptocurrencies become more mainstream, corporations and traditional banks are embracing and moving into the crypto space as they realise the immense benefits this sector brings. Bank of New York Melon is one of the banks that have moved into the crypto space, with hopes of reaping some of its benefits and boosting its revenues.
Let’s look at how BNY Mellon is doing and why HedgeUp is quickly becoming the go-to platform for investors.
BNY Melon Is Losing Clients
The Bank of New York Mellon was the first among the top 8 most systematically banks to become a custody manager for digital assets such as cryptocurrency.
By leveraging Chain analysis BNY Mellon can monitor on-chain transactions and provide Know your virtual asset provider (VASP) or (KYV) and know your transaction (KYT) services. These two services are vital to asset custody managers as they help in prevention of crimes such as money laundering.
BNY Mellon also leverages fireblocks to build wallet infrastructure for scalability innovation and cybersecurity. Firebcloks helps BNY Mellon to integrate seamlessly with blockchain technology and Multi-party computation (MPC).
The BNY Mellon is responsible for managing digital assets in more than 21 funds that include the Grayscale Bitcoin trust and other cryptocurrency funds.
The management team of BNY Mellon believes that theirs is the largest asset custodian with over $45 trillion in assets under custody. The platform clears and settles an overage of $2 trillion in payments every day.
However, despite being strategically positioned, BNY Mellon has not been performing as well in the crypto space as the thought. It is speculated that the company entered the crypto market in a bid to fight negative revenue growth. The company has been showing decreases in its revenue for some time now. For instance, in the quarter that ended on the 30th of September 2022, BNY Mellon’s revenue shrank by -16.34%.
Only time will tell if moving into the crypto market will save BNY Mellon from losing clients. In the meantime, investors can find refuge in the ever-growing platform, HedgeUp.
HedgeUp, The New Alternative Investment Platform
HedgeUp is an alternative investment platform developed to disrupt the status quo in the alternative investment space by making it possible for people to invest in alternative assets with as little as $1.
With HedgeUp, alternative investments such as gold, diamonds, fine art, private jets, yachts, and fine liquor that have previously been reserved for high-worth individuals and big institutional investors are now accessible to retail investors.
HedgeUp is a game-changing innovation as it allows anyone to own a fraction of an alternative asset by investing whatever amount of money they have. For example, an investor who speculates that the price of a certain piece of art will increase in the next three years can purchase part of that art and reap the rewards when the price appreciates.
To actualize fractional ownership of alternative assets, HedgeUp will mint non-fungible tokens. Each NFT will represent a fraction of an asset such as a luxury watch, a classic piece of art, or part of an old wine. The actual asset represented by the NFT will be stored in a secure and fully licensed vault.
Investors who have the means to do so will have the option to purchase an entire asset and have it delivered to their address.
The HedgeUp Token
The HedgeUp platform has a native cryptocurrency known as $HDUP. $HDUP is used as a medium of exchange in the HedgeUp ecosystem. The cryptocurrency also helps investors get the most from using the HedgeUp platform by allowing them to earn passive income through staking rewards.
Additionally, $HDUP gives investors priority access to new assets entering et HedgeUp ecosystem. This gives investors an advantage over others who lack the same access as it allows HDUP holders to make better profits.
For more information on HedgeUP click the links below:
Presale Sign Up: https://app.hedgeup.io/sign-up
Official Website: https://hedgeup.io
Community Links: https://linktr.ee/hedgeupofficial
