BNY Mellon Plans to Introduce Digital Assets in All its Business Units
Roman Regelman, CEO of BNY Mellon, has said that in the next year and a half, all divisions of the financial holding company will expand their product line for digital assets.
According to him, the development of digital assets is a continuation of the digitization strategy. The goal is to digitize every product and client interaction.
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The company started developing the direction two years ago in the context of increased demand. Adoption is “exceptionally slow” because BNY Mellon views innovation in terms of risk management rather than capital investment.
Regelman has outlined three vectors for the development of digital assets, including their inclusion in all of the firm’s products, the use of blockchain to modernize existing infrastructure as well as the development of new use cases.
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He has said:
“We believe in the power of this technology. We believe the innovation can deliver new use cases as well as faster and cheaper access to capital markets. But we don’t think this is related to cryptocurrencies. […] Digital assets are a much bigger [category]. Our horizon is long-term.”