BNY Mellon CEO Robin Vince sees the digital assets sector as the future of finance. His company is open to exploring the potential of bitcoin (BTC) and other cryptocurrencies.
BNY Mellon positioning itself for the future
Amidst widespread fear uncertainty and doubt (FUD) that have clouded the web3 space in recent months due to several high-profile bankruptcies like Sam Bankman-Fried’s FTX, amongst others, BNY Mellon CEO Robin Vince has given his take on the adoption of digital assets in the financial sector,
He sees digital assets as the future, and ignoring this future is akin to “sticking with paper over computers.”
Vince believes that the emergence of digital assets in traditional finance is a welcome development, and investing in these assets is seen as a long-term play for his company as well as other finance giants.
“We’re investing for a future that probably will come to be, but it may not. But if it does come to be, we have to be there…We do think it’s important for us to participate in the broader digital asset space.”
Robin Vince, BNY Mellon CEO.
BNY Mellon has become a driving force in the race for adoption; the bank has invested resources to provide blockchain-based services and products to clients. In October 2022, America’s oldest custodial bank launched its digital assets platform to bridge digital and traditional asset custody.
Despite the significant push for crypto adoption, the company believes that regulation of the industry should also take utmost priority. In Dec. 2022, Robin Vince published an opinion piece in the Financial Times calling for a reboot of the crypto industry after the recent crisis caused by the infamous FTX collapse.
Vince suggested that stakeholders should encourage digital asset innovation, particularly tokenization while calling for regulations in line with existing rules in the financial sector.