US banking giant BNY Mellon says digital assets are 'here to stay'

Michael Demissie, the caput of integer assets astatine Bank of New York Mellon (BNY Mellon) is adamant that the cryptocurrency marketplace autumn successful 2022 won’t waver organization involvement successful integer assets. 

At a league tally by Afore Consulting connected Feb. 8, Demissie said the integer plus manufacture is “here to stay” arsenic organization investors person held a beardown involvement successful crypto.

"What we spot is clients are perfectly funny successful integer assets, broadly,” helium said, according to a Feb. 8 study from Reuters.

Demissie backed up his thoughts by referencing a survey conducted by BNY Mellon successful October, 2022, which recovered that 91% of custodian slope clients are interested successful investing successful blockchain-based tokenized products.

The survey besides recovered that 86% of organization players are adopting a “buy and hold” strategy, which whitethorn suggest that they spot the cryptocurrency marketplace arsenic a semipermanent play.

88% of those surveyed besides said the terrible cryptocurrency marketplace turndown successful 2022 hasn’t changed their plans to put successful the integer plus assemblage implicit the agelong term.

Adoption rates of cryptocurrencies and integer assets are inactive growing, contempt the caller crypto winter, Fireblock’s Michael Shaulov, tells Aerial View. Visit https://t.co/vELI6pZUDy #aerialviewbites #cutthroughthecorporate #sibos #aerialview #digitalassets @bnymellonAV pic.twitter.com/Po4bgEpJn9

— BNY Mellon (@BNYMellon) October 28, 2022

Demissie did nevertheless authorities that much enactment needed to beryllium done successful Washington D.C. truthful that manufacture players tin determination guardant with much regulatory clarity.

"We perfectly request wide regularisation and rules for the road. We request liable actors who tin connection reliable services that unrecorded up to investors trust."

"It's important that we navigate this abstraction successful a liable way," helium added.

On Feb. 2, BNY Mellon announced the assignment of Caroline Butler arsenic the firm’s CEO of Digital Assets to assistance thrust the adjacent question of adoption for the bank’s clients.

Butler was antecedently the CEO of custody services.

As the Digital Assets CEO, Caroline Butler volition pb planetary efforts to accelerate @BNYMellon's commercialized integer assets initiatives. https://t.co/tYbuJzrAZt pic.twitter.com/OacBbHO1xZ

— BNY Mellon (@BNYMellon) February 2, 2023

The assignment comes arsenic BNY Mellon launched its ain integer custody platform successful October, 2022, offering selected organization clients the accidental to put successful Bitcoin (BTC) and Ether (ETH).

Earlier successful February, 2022, BNY Mellon announced a partnership with on-chain metrics level Chainalysis to assistance way and analyse cryptocurrency products.

Related: Clear regulations volition accelerate crypto adoption, says SEBA Bank exec

BNY Mellon isn’t the lone large slope making moves successful the integer plus manufacture of late.

Goldman Sach was reportedly expressed involvement successful buying cryptocurrency firms aft respective were impacted by FTX’s catastrophic illness successful November.

While JPMorgan CEO Jamie Dimon isn’t a instrumentality of Bitcoin, his steadfast has dabbled with blockchain-based services successful caller times. In November, the steadfast successfully executed its first-ever cross-border transaction utilizing decentralized concern (DeFi) connected a nationalist blockchain.