- The head of digital assets at Bank of New York Mellon (BNY Mellon) makes waves.
- He says that crypto investments are here to stay even for institutional investors.
- This rings true as more traditional investment companies are offering the service.
It seems more and more prominent banks have begun to accept crypto as a norm. The latest of these banks is the Bank of New York Mellon (BNY Mellon). This is made clear to the world by Michael Demissie, the head of digital assets at BNY Mellon.
Specifically, Demissie made the statement at a conference by Afore Consulting on Feb 8, 2023. To put it in a nutshell, he says that digital assets are “here to stay”. This seems to be very true as more institutional investors are maintaining a strong interest in crypto.
Considering that despite the recent decline in the cryptocurrency market, institutional investors are still holding strong, it is no surprise that Demissie made this statement.
In a recent survey conducted by BNY Mellon, 91% of custodian bank clients expressed interest in investing in blockchain-based tokenized products, and 86% of institutional players have adopted a “buy and hold” strategy. Additionally, 88% of responses say the harsh crypto market from 2022 has not affected their plans to invest in digital assets for long-term investments.
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Demissie also highlighted the need for clear regulations in the industry to provide investors with reliable services. In fact, he and banks aren’t the only ones who are calling for sensible crypto regulations. Just recently, the CEO of Coinbase made a similar statement.
BNY Mellon has taken steps to enter the digital assets industry, including launching its own digital custody platform and partnering with on-chain metrics platform Chainalysis. Meanwhile, other big banks, like Goldman Sachs and JPMorgan, are also making moves in the industry.
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