• BNY Mellon’s 2021 study found that 91% of its institutional investors are interested in digital assets.
• BNY Mellon CEO Robin Vince believes cryptocurrencies will not be a major source of revenue for the bank in the near future.
• However, he noted that a functioning regulatory framework and reliable services are required to move forward with plans.
Majority of BNY Mellon Clients Interested in Digital Assets
A 2022 study conducted by Bank of New York Mellon revealed that 91% of its institutional investors are interested in investing in digital assets. Michael Demissie, head of advanced solutions at BNY Mellon, argued that despite the recent market meltdown, digital assets „are here to stay“.
Necessary Regulatory Framework and Services
Demissie also noted that a functioning regulatory framework and reliable services are required to move forward with plans. 70% of the bank’s clients said they would increase their digital asset activity if services such as custody and execution become available from trusted institutions.
BNY Mellon’s Commitment to Digital Assets
Earlier this year, Robin Vince, the CEO of BNY Mellon, said the bank is committed to continuing the exploration of digital assets during an earnings call. The chief executive officer identified cryptocurrencies as the bank’s „longest-term play“. He also added that any investments made in the sector are done both carefully and deliberately.
Cryptocurrencies Not Major Source Of Revenue For Near Future
Vince said he does not believe cryptocurrencies will become a major source of revenue for the bank in the near future. He estimated that it will take another five full years before digital assets can be considered a significant source of revenue for BNY Mellon.
Moving Forward Responsibly
Despite some unfortunate events shaking up the cryptocurrency world last year, Vince acknowledged that ignoring digital assets would be like being stuck with paper without embracing computer technology 50 years ago. Therefore, it is important for all stakeholders to navigate this space responsibly moving forward as interest continues to grow amongst institutional investors.