Bank of New York (BNY) Mellon, the world's largest custodian bank and securities services company with $2.4 trillion in assets, added Bitcoin and Ether to its custodial offerings, which became a high-profile event. BNY Mellon CEO Robin Vince noted that they are seeing high demand for digital assets by clients, with about three-quarters either investing or actively considering investing in digital assets. Even though as cryptocurrency is going through a bear market, the management of the bank sees a crucial long-term role in crypto.
The European banking giant Société Générale will also offer crypto services. The bank has just obtained approval from the French government to operate digital asset services. Société Générale can now hold custody as well as sell and trade digital assets through its blockchain-focused subsidiary, Société Générale Forge. This happened right after the bank announced last month that they would launch custodial services for funds based on cryptocurrency.
Apart from traditional financial giants, newcomers are also taking an interest in expanding the range of their services into digital asset management. N26, a young European digital bank with $9 billion in assets has launched crypto trading services, allowing its customers to trade 100 tokens. The pilot country for the project is Austria, where clients will be able to test the product in the coming weeks. The range of tokens is planned to be almost doubled.
We already wrote why a bear market in crypto exchanges does not mean the decline of the industry. What we see now is another wave of corporate crypto adoption, which is more about long-term investment rather than just speculation. What do you think, will your bank join these crypto pioneers? Or, maybe, it already has?