Syed Imran Haider 
BNY Mellon, one of the oldest banks in the U.S., recently announced that it plans to begin offering services for digital assets.
This marks a major milestone in the development of the cryptocurrency market. And signals that digital assets are becoming increasingly important to the financial industry.
Demissy said the digital assets are here to stay even though the cryptocurrency market is down 60% from all-time highs.
The head of digital assets Michael Demissie at Bank of New York Mellon believes that the crypto market collapse in 2022. But it will not affect the business of digital assets.
Afore Consulting Conference
Demissie said in the conference on Feb 8, the digital assets are here to stay as the investors have an interest in Crypto.
The bank’s notice also discussed the needs of its clients and many others interested in digital assets and cryptocurrency.
According to the reporters he also said, market players, investors, and other clients are more interested in digital assets.
Blockchain-Based Survey
By referencing the survey, Demissie shares his thoughts about digital assets (cryptocurrency).
The survey which is held by BNY Mellon in Oct 2022, found 91% of bank clients are interested in blockchain-based products.
The survey also discovered that 86% of institutional players are using a passive investment approach. This approach may indicate that they view the bitcoin market as a long-term investment.
88% of those surveyed also stated that the dramatic bitcoin market crash in 2022 has not affected their long-term plans to invest in the crypto industry.
Demissie said Washington D.C. needs more industrial work to be done so the investors, market players, and businessmen can move forward with more clarity.
And we need a proper road map and responsible persons who can offer services that win the investor’s trust. Demissis said It’s important that we navigate this space in a responsible way.
Caroline Butler as the Firm’s CEO
BNY Mellon appointed Caroline Butler as the firm’s CEO of Digital Assets on Feb, 2. Caroline was previously the CEO of custody services.
BNY Mellon wants Caroline Butler to help drive the next wave of adoption for the bank’s clients. The appointment comes as BNY Mellon launched its own digital custody platform in October 2022.
Because she is offering the opportunity to invest in Bitcoin (BTC) and Ether (ETH) to the selected institutional clients.
BNY Mellon established a cooperation with the on-chain measurement platform Chainalysis in February 2022 to assist track and evaluating bitcoin goods.
BNY Mellon isn’t the only big bank making late moves in the digital assets industry.
Goldman Sach reportedly expressed interest in buying cryptocurrency firms after several were impacted by FTX’s dramatic collapse in November.
While JPMorgan CEO Jamie Dimon is not a supporter of Bitcoin, his company has already experimented with blockchain-based services.
And the company completed its first-ever cross-border transaction in November, on a public blockchain using decentralized financing (DeFi).
Bank New York Mellon (BNY) Challenges
Despite these challenges, BNY Mellon’s announcement shows that the bank is confident in the future of digital assets and its business strategy.
The bank’s decision to offer services for digital assets is likely to have a positive impact on the cryptocurrency market.
Because it raises the visibility of digital assets and helps to regulate them. Furthermore, BNY Mellon’s declaration is a strong sign that digital assets are here to stay.
