The CEO of Bank of New York Mellon stated that digital assets are the bank's "longest-term investment."

ChainCatcher news, BNY Mellon CEO Robin Vince stated during the earnings call on Friday that digital assets are the bank's "longest-term investment" and acknowledged that the bank must adapt to technological changes. However, Vince also pointed out that the focus will not be on cryptocurrencies themselves, but rather on the "broader opportunities that exist within digital assets and distributed ledger technology."

Vince also mentioned on the call that he does not believe cryptocurrencies will become a major source of revenue for banks in the near future. According to him, digital assets are expected to be negligible from a revenue perspective for the next five years. Vince compared the neglect of digital asset market practitioners to "custodians from 50 years ago, who insisted on using paper instead of adopting computers… that will not be us." But he added that any investments made in this area are cautious.

Previously, BNY Mellon received approval from New York financial regulators last year to accept Bitcoin and Ethereum deposits from specific clients, and the bank is working with Fireblocks and Chainalysis as its two main partners for its custody business. (source link)