Bank of New York Mellon (BK) doesn’t consider itself a crypto bank and will continue to move slowly investing in the space, management said during the company’s first quarter earnings call on Tuesday.
“We’ve said all along, we’re going to be incredibly slow accrual before we run on digital assets broadly and crypto,” said Robin Vince, President and CEO of the bank.
When asked about BNY Mellon being an attractive place for crypto deposits, Vince disagreed. While other firms who previously made crypto part of their business model and made “a ton of cash” in the space, said Vince, BNY Mellon has no plans for that.
“We have a variety of clients,” he said. “We have some clients who touch the digital assets ecosystem, but that’s not been a business strategy of ours to grow that aggressively.”
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BNY Mellon recently promoted Caroline Butler to CEO of its Digital Assets unit that had been launched in October 2022.
