- BNY Mellon is one of those institutions that are bullish on digital assets, however, it highlighted the need for responsible actors in the space
- It affirmed that blockchain and cryptocurrencies are here to stay and their customers surely want a certain part of their portfolios to be exposed to cryptocurrencies
Being one of the first banks to enter the cryptocurrency space, Bank of New York Mellon has stated that its customers are ‘absolutely’ interested in cryptocurrencies and other digital assets.
Even during a severe crypto winter, many crypto companies have continued to innovate in the space and they are going to reap these benefits in the next bull run. BNY Mellon is one of those institutions that are bullish on digital assets, however, it highlighted the need for responsible actors in the space for new investments.
Michael Demissie, Bank of New York Mellon’s head of digital assets, at Afore Consulting’s 7th Annual Fintech and Regulation Conference said,
“We absolutely need clear regulations and rules for the road. It’s important that we navigate this space in a responsible way. We need responsible actors who can offer reliable services that live up to investors’ trust.”
Michael affirmed that blockchain and cryptocurrencies are here to stay and their customers surely want a certain part of their portfolios to be exposed to cryptocurrencies. Even with the high volatility coupled with high risk, crypto could be a great long-term investment option.
Traditional Investors Moving Towards Crypto Investments
Gone were the days when traditional investment funds used to stay away from any exposure to cryptocurrencies. Cryptocurrencies and other digital assets are reaching out to the masses and making an impact with their various use cases. The more people are educated about blockchain technology, the more interest they are showing in crypto investments. A survey conducted by the Bank of New York Mellon indicated that 90 percent of their customers want to invest in cryptocurrencies.
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