Bank of New York Mellon CEO Says Recent Entry Into Bitcoin and Crypto Services Driven by Client Demand

The CEO of Bank of New York Mellon Corporation (BNY Mellon) says that America’s oldest bank is launching Bitcoin (BTC) and crypto custody services in response to rising demand from clients.

Last week, BNY Mellon became the first major US bank to provide customers with a custody platform for both cryptocurrency and traditional assets after New York financial regulators gave it the green light to store Bitcoin and Ethereum (ETH) for customers. 

During an earnings call on Monday, BNY Mellon CEO Robert Vince says that a recent survey of large institutional asset managers, asset owners and hedge funds shows that deep-pocketed investors are increasingly interested in crypto assets.

“About 40% of them already hold crypto in their portfolios. About 75% of them are actively investing or exploring investing in digital assets. But here’s the important stat, which is over 90% of them are interested in investing in some type of tokenized asset within the next few years.”

Vince says the result of the survey is proof of client demand, which prompted the 238-year-old bank to venture into crypto services.

“The survey wasn’t the tipping point, but it was an affirmation. But the answer to your question is client demand. Our clients want institutional grade custody and solutions in this space.”

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Featured Image: Shutterstock/diversepixel/Natalia Siiatovskaia