BNY Mellon Says Client Demand For Crypto Led to Custody Offering
Client demand for crypto was the key factor in launching a crypto custody offering, said BNY Mellon (BK) CEO Robin Vince, speaking on a conference call following the lender's third-quarter earnings release.
“What we've heard from our clients is they want institutional grade solutions in the space,” Vince said on the call, noting 75% of them are either investing or actively considering investing in digital assets, and a full 90% expect to be putting money into tokenized assets within the next few years.
Vince reminds that BNY Mellon considers this a very long-term play, and he expects full-scale adoption to be years or even decades away. He added that the bank isn't putting a "ton" of capital towards crypto just yet.
Read more: BNY Mellon Starts Crypto Custody Service