World’s Largest Custodian Pursues DeFi Project to Change its Brand Name
BNY Mellon, the world’s largest custodian and asset services company with nearly $2 trillion in assets under management (AUM), asks the decentralized assets management project Melon Protocol to change its brand name.
“BNY Mellon has deployed a team of lawyers to pursue taking the Melon name away from our community,” shared the project on Twitter.
As such, they are now hunting for a new name, adding, “our community & values extends beyond a name, so we'll focus efforts on taking their outdated business model & democratizing it so that ANYONE can be a fund manager.”
This isn't the first time BNY Mellon has targeted the project. Two years back, they sent a cease and desist letter to Melonport, the Zug-based startup that built the Melon Protocol, allowing asset managers to create their own tokenized investment vehicles.
Started as a private company, in February 2019, it delivered v1.0 of the protocol and handed the control over to Melon Council DAO.
The investment company at that time also declared concerns regarding trademark applications by Melonport and announced that they would file an opposition against MELON CHAIN, MELON PROTOCOL, MELON FUND, and MELON MAIL trademark registrations.
Built on Ethereum, its DeFi protocol has $1.8 million of total funds locked (TVL), down from a peak of $2.5 million last month.
It’s token MLN, trading at $24.44, has a market cap of just over $13 million.
On Friday, Coinbase Custody announced deposit and withdrawal support for the token, yet another addition to the San Francisco-based crypto exchange’s DeFi steak that has them listing many other DeFi tokens in the past couple of months.