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BNY Mellon CEO Says the Bank Is Going 'Incredibly Slow' on Crypto
Robin Vince said the lender won't be as aggressive as other banks have been in trying to gain crypto deposits.
Bank of New York Mellon (BK) doesn’t consider itself a crypto bank and will continue to move slowly investing in the sector, 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,” CEO Robin Vince said.
STORY CONTINUES BELOW
When asked about BNY Mellon being an attractive place for crypto deposits, Vince disagreed. He noted that other firms that previously made crypto part of their business model have generated “a ton of cash” with that business but that BNY Mellon has no plans to follow suit.
“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.”
In February, BNY Mellon promoted Caroline Butler to CEO of the digital-assets unit it started last October.
Earlier Tuesday, BNY Mellon reported that its earnings and revenue rose in the first quarter thanks to higher revenue from interest. Its shares were recently trading at $10.33, down 6 cents.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
