The Bank of New York Mellon is certain that its crypto services will generate significant revenue. The bank’s chief financial officer, Emily Portney, announced on Tuesday, January 18 that the bank is working with Fireblocks, a unicorn FinTech that allows financial institutions to store crypto assets.
Emily Portney said:
“We’d like to see greater clarity on digital assets.” To be honest, it’s a little unclear who governs digital assets, particularly cryptocurrency… and, of course, what you can and can’t do.”
Portney’s statements reveal his dissatisfaction with the government’s inaction on crypto assets. Traditional banking institutions are interested in entering the crypto area as the ecosystem grows. Banks, on the other hand, are deferring the launch of new products and the expansion of existing ones until the rules are clarified.
BNY Mellon, a banking behemoth, has specialised in keeping and servicing assets on behalf of clients. It has also been working on establishing a digital asset custody and administration platform.
It’s a wrap for this story
