US Banking Giant BNY Mellon Says Digital Assets ‘Here To Stay’

According to the Announcement by the DOJ, Wahi Started working in the asset listings team at the Beginning of October 2020.

Michael Demissie, The head of digital assets at Bank of New York Mellon (BNY Mellon) is determined that the cryptocurrency market crash in 2022 won’t falter institutional interest in digital assets.The conference was run by Afore.The digital asset industry is here to stay as institutional investors have a strong Interest.

“What we see is clients are absolutely interested in digital assets, comprehensively,” he expressed, according to a Feb. 8 report from Reuters.

According to a Survey Conducted by BNY Mellon in October, the Majority of Custodian bank clients are Interested in investing in Tokenized products.

The survey also found that 86% of institutional players are embracing a “buy and hold” strategy, which may propose that they see the cryptocurrency market as a drawn out play.

Of those surveyed, 88% also said that the severe cryptocurrency market turndown in 2022 hasn’t changed their plans to invest in the digital asset sector over the long haul.

Demissie did however state that more work should have been finished in Washington D.C. so that industry players can push ahead with more regulatory clarity.

“We need clear rules for the street. We really want dependable actors who can offer solid services that satisfy Investors Trust.”

He said that we must navigate this space in a Capable way.On Feb. 2, BNY Mellon declared the appointment of Caroline Head servant as the firm’s CEO of Digital Assets to assist with driving the following flood of adoption for the bank’s Clients.

Steward was already the CEO of custody services.The Appointment comes as BNY Mellon launched its own digital custody platform in October, offering chosen institutional clients the opportunity to invest in Bitcoin (BTC) and Ether (ETH).

Prior, in February2022, BNY Mellon declared a partnership with on-fasten metrics platform Chainalysis to help track and analyze Cryptocurrency Products.

BNY Mellon is not the main bank taking actions in the digital asset industry. Several firms were impacted by the collapse of FTX, and Goldman Sach was interested in buying them.
Jamie Dimon doesn’t really like Cryptocurrencies, but his firm has fiddled with them in recent times. In November, the firm successfully executed its first-ever Cross-Border Transaction.