- 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.
Recommended News :
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.