Michael Demissie, who heads digital assets at the Bank of New York Mellon (BNY Mellon), spoke at a recent conference where he expressed his bullish sentiments for the crypto industry. He believed the future of digital assets to be very bright as he revealed their clients were interested in digital assets from a long-term perspective. He shrugged off any setbacks due to the distress in the industry in 2022 and claimed the digital asset industry would grow in the years to come.
The senior executive of BNY Mellon also referred to a survey they had recently conducted, where results showed a very encouraging trend for the crypto industry. 91% of custodian bank clients were interested in tokenized products powered by blockchain, while most institutional investors were invested in crypto for the long term. The optimism towards the industry was growing at a high rate despite a difficult year in 2022.
“We absolutely need clear regulation and rules for the road. We need responsible actors who can offer reliable services that live up to investors’ trust,” said the BNY Mellon official, indicating that better regulations were needed for the crypto industry. BNY Mellon has taken several initiatives to integrate digital assets with its banking operations, while other investment banking giants have also expressed interest in crypto and blockchain-related firms.