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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

BNY Mellon Embraces Long-Term Digital Asset Initiatives Across All Lines of Business

Samuel Edyme
Samuel Edyme
1 year ago
3 mins read
BNY Mellon

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In a dynamic move towards digital transformation, BNY Mellon, one of the oldest banks in the United States, is pushing forward with its initiatives focused on distributed ledger technology, tokenization, and digital cash.

Roman Regelman, the CEO of securities services and digital, revealed in a recent interview that the bank has been prioritizing digital assets for the past two years in response to increasing client demand.

This latest disclosure comes amid the US banking crisis and United States regulators’ continuous crackdown on the crypto industry, a sector of the global digital asset market.

Notably, yesterday, the US Securities Exchange and Commission (SEC) responded to Coinbase’s complaint saying crypto rulemaking may take years and that it is “in no rush.”

BNY Mellon Embraces Digital Asset Including Crypto?

While BNY Mellon did not explicitly mention cryptocurrencies as part of its digital asset focus, the American Banker reported on the bank’s prudent motion into the crypto-verse. CEO Robin Vince, during the bank’s first-quarter earnings call, highlighted the bank’s meticulous and methodical approach, characterizing their progress as being “exceptionally slow.”

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To demonstrate its commitment to digital assets, BNY Mellon is actively pursuing three key initiatives. This includes actively expanding its services to include custody and clearing solutions for digital assets, with the aim of diversifying its offerings and accommodating a wider range of asset classes.

Regelman revealed the bank’s vision for digital assets going forward, saying that “Everything that we do, we want to do for digital assets.”

BNY Mellon is also placing significant emphasis on the adoption of blockchain technology and other innovative advancements to modernize its infrastructure. This decision is aimed at improving operational efficiency, reducing costs, and enabling real-time capabilities across the bank’s systems.

Another initiative the 240-year-old bank is planning to pursue is actively exploring the concept of tokenization as a strategy to democratize investment opportunities.

By embracing tokenization, the bank seeks to unlock new avenues for investors and enable broader access to alternative asset classes, fostering a more inclusive investment ecosystem.

Leading the Digital Transformation in Financial Services

By embracing long-term digital asset initiatives across all lines of business, BNY Mellon appears to be positioning itself as a leader in the financial industry’s digital transformation.

As the demand for digital assets such as cryptocurrencies and innovative technologies continues to rise, the bank’s strategic focus on distributed ledger technology, tokenization, and digital cash highlights its commitment to meeting the evolving needs of its clients and staying at the forefront of financial innovation.

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It is worth noting that BNY Mellon’s gradual approach to the crypto realm reflects the cautious stance adopted by other traditional financial institutions.

Recently, Investment bank JPMorgan announced that it will launch trial applications on blockchain technology to offer dollar-based settlement services.

Meanwhile, following the news, BNY Mellon’s stock price hasn’t made any significant movement, however, it has recorded a few gains in the past day up by 1.3%. BNY Mellon currently trades at $40.70 at the time of writing.

BNY Mellon stock price chart on TradingView
BNY Mellon’s stock price is moving sideways on the 1-day chart. Source: BNY Mellon on TradingView.com

Featured image from Unsplash, chart from TradingView.com

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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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