Michael Demissie, head of digital assets at Wall Street powerhouse Bank of New York Mellon (BNY Mellon), has revealed that investors are still very interested in the digital asset space amid the bear market.
According to a Reuters reportDemissie believes that cryptocurrencies are here to stay as investors have not lost interest in the infant industry, despite the collapse of several companies and other unfavorable events that occurred in the past year.
Demissie: Digital assets are here to stay
The BNY Mellon executive weighed in during a crypto panel hosted at Afore Consulting’s 7th Annual FinTech and Regulation Conference.
“What we see is that clients are absolutely interested in digital assets, broadly speaking,” Demissie said.
To substantiate his point, Demissie cited a survey conducted by the bank in October. He reportCalled “Migration to Digital Assets Accelerates,” it revealed that institutional interest and investor demand for crypto assets was increasing.
Of the 271 institutional investors surveyed, 91% said they were interested in investing in tokenized products as they would revolutionize asset management and be good for the industry.
Additionally, 88% of respondents said they were comfortable with the digital representation of cash through blockchain-based technology, and 86% of bank customers said they were using a “buy and hold” strategy. “, suggesting that they viewed cryptocurrencies as something for the long haul. term assets.
The crypto industry needs deeper regulation
Notably, 69% of investors revealed that their chances of getting involved with cryptocurrencies would increase if highly rated institutions offered digital asset services. To this end, Demissie urged US authorities to ensure regulatory clarity so the industry can move forward.
“It is important that we navigate this space responsibly. We absolutely need clear regulations and rules for the road. We need responsible players who can offer reliable services that live up to the trust of investors,” he stated.
Meanwhile, BNY Mellon recently appointed Caroline Butler as its CEO of Digital Assets to help accelerate the bank’s crypto initiatives. This comes after the financial giant revealed its crypto custody platform in October. As CryptoPotato reportedthe move made BNY Mellon the first US bank to allow customers to deposit their crypto assets.
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This post Investors Are Interested In Crypto Despite Bear Market: BNY Mellon Exec
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