The Bank of New York Mellon (BNY Mellon) has revealed that its customers are increasingly looking at digital assets. Stressing the importance of the financial institution’s head of digital assets, he is well-known for his clear regulation of cryptocurrency. “We need responsible players who can offer reliable services that live up to investor trust.”
BNY Mellon notes growing interest in digital assets from customers.
Michael Demissie, Head of Digital Assets at Bank of New York Mellon, spoke at Afore Consulting’s Seventh Annual Fintech and Regulation Conference on Wednesday, with Reuters reporting that digital assets “are here to stay”. The executive was quoted saying:
The most common thing we find is that digital assets are very popular with customers.
Demissie cited a BNY Mellon survey of customers conducted in October of last year which showed that more than 90% of customers expected to invest in tokenized assets in the near future.
The head of digital assets at the bank noted that more regulation was needed in crypto, as per the post. He said: “It is important that we navigate this space responsibly”:
We are absolutely supportive of regulation and clear guidelines. We need responsible players who can live up to the trust of investors.
BNY Mellon was one of the first banks to enter the crypto space. It announced in February 2021 that it had created a new digital asset unit in order to build the bank’s future “multi-asset digital platform.” Roman Regelman, CEO of Asset Servicing and Head of Digital BNY Mellon, said at the time: “BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets… Growing customer demand, the maturity of advanced solutions, and improved regulatory clarity present a great opportunity for us to expand our current service offerings into this emerging field.” The bank wrote in September 2021 that “Digital assets have clearly entered the mainstream.”
This week, the bank appointed Caroline Butler as the chief executive of its digital asset division. Regelman commented:
As institutional adoption of digital assets continues to evolve, we are committed to being a trusted provider to the broader financial ecosystem.
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