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BNY Mellon Says Client Demand for Crypto Led to Custody Offering
Executives from the world's largest custodial bank spoke on the company’s earnings call Monday morning.
Updated May 9, 2023, 3:59 a.m. Published Oct 17, 2022, 4:35 p.m.
Client demand for crypto was the key factor in launching a crypto custody offering, said BNY Mellon (BK) CEO Robin Vince, speaking on a conference call following the lender's third-quarter earnings release.
The world's largest custodial bank by assets, not to mention the oldest lender in the U.S., announced last week it has added bitcoin (BTC) and ether (ETH) to its custodial offerings.
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“What we've heard from our clients is they want institutional grade solutions in the space,” Vince said on the call, noting 75% of them are either investing or actively considering investing in digital assets, and a full 90% expect to be putting money into tokenized assets within the next few years.
Vince said BNY Mellon considers crypto to be a very long-term play, and he expects full-scale adoption to be years or even decades away. He added that the bank isn't putting a "ton" of capital towards crypto just yet.
Read more: BNY Mellon Starts Crypto Custody Service
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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