BNY Mellon CEO on Crypto: We were leaning into the future with things like digital assets

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On Friday (January 13, 2023), Robin Vince, President and CEO of BNY Mellon, the world’s largest depository bank and securities services company, shared his thoughts on crypto.

According to the transcript provided by Seeking Alpha, during the prepared remarks section of his company’s fourth quarter 2022 earnings call, the CEO of BNY Mellon said:

In Asset Servicing, we increased our sales. And at the same time, they were leaning into the future with things like digital assets and also focusing on the spending base. Again, this is something for the short term and for the medium term.

And then during the Q&A section, Vince said:

But specifically for digital assets, it’s the longer-term game of all the things we’ve talked about. I expect it to be negligible from a revenue standpoint over the next two years, it could be negligible over the next five years. But as the largest custodian in the world, we take care of everything. We look after $44 trillion worth of stuff.

And if there’s going to be new things to watch, we should take care of that. If the way we deal with things, that is, most of the technology, changes, we have to adapt to that. And so were investing for a future that will probably come true, but it may not. But if it happens, we have to be there.

It would be like being the caretaker of 50 years ago and sticking to paper and not adopting a computer, it won’t be us. So we were investing, being careful, being deliberate and we had R&D in different parts of the business and it was measured. But we think it’s important for us to participate in the broader digital asset space.

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