US Banking Giant BNY Mellon Says Cryptocurrency is Here to Stay

Joshua Ramos
BNY Mellon, World’s Largest Custodian Bank Launches Crypto Custody Services
Source: Coindesk

Speaking at a conference this week, the head of digital asset banking at BNY Mellon, Michael Demissie, says cryptocurrency is “here to stay,” based on investor interest. The US banking giant entered into the digital asset industry in October, launching a new crypto custody platform.

Demissie spoke at an Afore Consulting conference, discussing the digital asset industry and the interest garnered from institutional investors. The BNY Mellon head backed up his statement with a survey conducted by the bank in October. The survey stated 91% of custodian bank clients are interested in blockchain-based tokenized products.

BNY Mellon States Belief in Crypto Longevity

In October, BNY Mellon announced their first foray into the world of cryptocurrency and also digital assets. The world’s second-largest custodian bank had spearheaded the development of “financial infrastructure to support digital assets.”

Now, speaking at a conference earlier this week, the head of digital asset banking, Michael Demissie, shared their belief that the industry is in it for the long haul. As BNY Mellon clearly stated their belief is that cryptocurrency is here to stay.

“What we see is clients are absolutely interested in digital assets broadly,” Demissie stated. Referencing a survey that stated, “91% of custodian bank clients are interested in investing in blockchain-based tokenized products,” according to Cointelegraph.

Additionally, the survey noted 86% of institutional investors are adopting a “buy and hold” strategy, according to the report. Further cementing the belief that crypto market investors are interested in its long-term growth potential.

Even more interesting, 88% of those surveyed additionally did not change their plans to invest in digital assets based on 2022’s market downturn. Moreover, Dimissie stated, “we absolutely need clear regulations and rules of the road.” Conclusively stating, “it’s important that we navigate this space in a responsible way.”