BNY Mellon CEO Robin Vince says “client demand” was the “tipping point” that ultimately led to the bank’s launch of institutional-focused crypto services last week.
BNY Mellon, America’s oldest bank, became the first large bank in the country to offer custody of institutional clients’ Ether (ETH) and Bitcoin (BTC) on Oct. 11.
In an Oct. 17 conference call following the release of its third quarter earnings, Vince pointed to a survey commissioned by the bank this year, which found that 91% of large institutional asset managers, asset owners and hedge funds were interested in investing in some type of tokenized asset within the next few years.
“About 40% of them already hold crypto in their portfolios. About 75% of them are actively investing or exploring investing in digital assets,” he said, adding:
“And so what we heard from our clients is they want institutional grade solutions in the space.”
The new custody service was launched last week, allowing select institutional clients to...
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