The Bank of New York Mellon is not a cryptocurrency bank, but continues to slowly invest in the crypto industry.
The CEO of BNY Mellon, Robin Vince, stated in yesterday's earnings call that BNY Mellon is not a cryptocurrency bank, but will continue to slowly invest in the industry.
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Recruiting Multiple Cryptocurrency Industry Talents, Launching Cryptocurrency Custody Products
According to a report by The Block, BNY Mellon has hired Maxime de Guillebon, former CEO of Zodia Custody, as the head of digital asset products. Prior to joining Zodia Custody, he had worked for traditional financial institutions such as Standard Chartered Bank and Citibank for 17 years. Additionally, BNY Mellon has also hired Rachel Willis, previously the PR and communications team manager at BlockFi, as the Chief of Staff for digital assets.
BNY Mellon obtained approval from the New York financial regulatory agency in October last year to start accepting Bitcoin and Ethereum deposits from certain clients, becoming the first major U.S. bank to safeguard digital assets and traditional investments on the same platform.
Not Aggressively but Continuously Developing
When asked if BNY Mellon is a place to attract cryptocurrency deposits, CEO Robin Vince disagreed. He pointed out that some companies in the past used crypto as their business model and generated a lot of cash flow through that business, but BNY Mellon does not have a comparable plan.
Vince stated:
We have all sorts of clients, we have some clients who touch digital assets, but it's not a core part of our business strategy.
BNY Mellon is the primary bank for stablecoin issuer Circle, especially after the collapse of Silicon Valley Bank, with most of Circle's USD reserves now held at BNY Mellon.
According to the April report "Who is Still Banking Crypto Companies?" released by Morgan Stanley, BNY Mellon is also one of the 4 U.S. GSIB systemically important financial institutions collaborating with the crypto industry.
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