Banking Giant BNY Mellon Is Expecting Massive Revenue From Crypto Clients | CryptoGazette
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It’s been just revealed that America’s oldest bank is eager to capitalize on the crypto revolution but remains concerned that the government still has not provided regulatory clarity.
Massive crypto revenues
According to a new Bloomberg report, Bank of New York Mellon Corporation (BNY Mellon) chief financial officer Emily Portney said that the holding company expects digital assets to act as a significant revenue source by 2023.
“There are proposals in front of the Securities and Exchange Commission that haven’t yet been approved on whether ETFs [exchange-traded funds] can actually hold digital assets directly versus futures.”
BNY Mellon is already moving forward into the crypto space by partnering with financial technology firm Fireblocks, which also recently announced a deal with interest-earning blockchain protocol Aave (AAVE) to launch the world’s first permissionned decentralized finance (DeFi) platform, according to some new reports coming from the Daily Hodl.
The BNY Mellon CFO also made sure to highlight just how important it is for mainstream financial institutions to obtain clear definitions of what is permitted from the U.S. SEC before offering crypto investment services to their clients.
Portney says in an interview with Reuters the following:
“We’re hoping for more clarity around digital assets. Frankly, it’s a bit confusing about who actually regulates digital assets and especially crypto… and of course exactly what you can or cannot do.”
She continued and explained this:
“A lot of the activity is happening in I guess what I would call the shadow banking system just because of the lack of clarity.”
Regarding the price of BTC today, at the moment of writing this article, BTC is trading in the red and the king coin is priced at $38,541.
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