- BNY Mellon’s Michael Demissie said that more than $120 trillion from the capital markets will move to blockchain.
- Demissie is the Head of Digital Assets Unit and Advanced Solutions Group of BNY Mellon.
- Last month, BNY Mellon revealed that it will begin offering crypto custody soon.
Michael Demissie of BNY Mellon made bold predictions about the blockchain industry, claiming that over $120 trillion from the capital markets will “be moved to a blockchain” in a span of 10 years.
Demissie, Head of Digital Assets Unit and Advanced Solutions Group of BNY Mellon, said his declaration during the Forbes Digital Assets & Web3 Summit. This event happened on March 16, in which Demissie discussed how blockchain is revolutionizing exchange-traded funds (ETFs) and other forms of traditional investments.
It should be noted that BNY Mellon has made its foray into crypto only last month. Specifically, BNY Mellon announced that it will begin offering crypto custody to major assets like Bitcoin.
Demissie leads BNY Mellon’s crypto division. With his team, they are developing one of the industry’s first multi-asset digital custody for traditional and digital assets.
Meanwhile, Forbes’ event was also graced by other prominent speakers. These included FTX CEO Sam Bankman-Fried, SEC Commissioner Hester Peirce, Tezos Co-Founder Kathleen Breitman, and more.
BNY Mellon is well known globally for being the US’ oldest banking institution. It is also recognized as the world’s largest custodian with $40 trillion worth of assets under management.
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