New Statement from BNY Mellon, Starting to Provide Bitcoin and Ethereum Services: “This Is Why We Did It!”

Robin Vince, CEO of BNY Mellon (UK), said on a conference call after the company’s third-quarter financial results were announced, cryptocurrency He said that customer demand for cryptocurrency is the key factor in launching a crypto custody offering.

BNY Mellon CEO: We Started Providing Bitcoin and Ethereum Services Upon Request From Our Customers

BK, the world’s largest custody bank by assets and the oldest credit institution in the United States, announced last week that it has added Bitcoin (BTC) and Ethereum (ETH) to its custody services.

BNY Mellon is now available to fund managers Bitcoin (BTC) and to Ethereum (ETH) It will be able to provide other traditional record-keeping functions as well as the storage of keys required for access and movement.

Robin Vince, CEO of the company, said in his latest statement on the subject:

“What we hear from our customers is that they want enterprise-grade solutions in this space.”

Vince also stated in his speech that 75% of clients are investing or actively considering investing in digital assets, and 90% expect to invest in tokenized assets in the next few years.

Vince said that BNY Mellon sees crypto as a very long-term move and expects full-scale adoption to take years or even decades. He added that the bank has yet to put too much capital into crypto.

Money managers have long relied on BNY Mellon and other custodian banks for a number of vital, yet tedious office tasks, such as tracking changes in the value of their assets. Founded more than two centuries ago by Alexander Hamilton, the company is the world’s largest custodian bank.

*Not investment advice.