Banking Firm BNY Mellon Believes Crypto Is Here To Stay
The leader of the digital assets department at BNY Mellon (Bank of New York Mellon), Michael Demissie, believes the dip in the cryptocurrency market last year will not discourage institutional interest in digital assets.
Demissie Calls For Clear Regulations
During a conference organized by Afore Consulting, Demissie stated that the digital asset industry is not a passing trend. Instead, it is here to remain as whale investors continue exhibiting strong investment interest in cryptocurrencies.
Demissie stated that clients are showing a strong interest in digital assets. The BNY Mellon executive supported his viewpoint by citing the results of a BNY Mellon survey last October.
The survey revealed that 91% of clients of custodian banks expressed interest in investing in blockchain-supported tokenized products. This shows that they view the cryptocurrency market as a long-term investment opportunity.
Nevertheless, Demissie emphasized the need for policymakers in Washington, D.C., to provide greater regulatory clarity for industry participants. Demissie said:
“We must establish clear and comprehensive regulations and guidelines for the road ahead. This will ensure the presence of accountable actors who can provide dependable services that uphold investors’ trust.”
The bank executive emphasized that authorities must approach this field with a sense of responsibility.
BNY Mellon Introduces Crypto Custody Platform For BTC And ETH
Earlier this month, BNY Mellon appointed Caroline Butler as the Chief Executive Officer of Digital Assets to promote and facilitate its customers’ next adoption phase. Butler initially headed Custody Services.
The selection of Caroline Butler as the Digital Assets chief comes after BNY Mellon unveiled a digital custody platform in October 2022. The platform offers a select group of institutional clients the chance to invest in BTC) and ETH.
Meanwhile, BNY Mellon had previously partnered with Chainalysis, the on-chain metrics platform, to assist with the monitoring and examining of cryptocurrency products. BNY Mellon is not the only major financial institution that has recently taken steps into the digital asset sector.
According to reports, Goldman Sachs showed interest in acquiring crypto companies following the catastrophic failure of FTX in November, which affected several of them. Although the CEO of JPMorgan, Jamie Dimon, does not hold a favorable view towards Bitcoin, his company has explored and engaged with blockchain-based services recently.
Also, several other financial entities have been exploring crypto and blockchain technology for payment.
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