Bank of New York Mellon: Will continue to invest slowly in the encryption industry, and has no plans to follow other companies to use encryption as one of their business models

According to CoinDesk, BNY Mellon’s management said on Tuesday’s first-quarter earnings call that BNY Mellon does not consider itself an encryption bank and will continue to slowly invest in the industry. Its CEO Robin Vince said, "Until we widely use digital assets and cryptocurrencies, our growth rate will be very slow." When asked if BNY Mellon is an attractive place to deposit cryptocurrency deposits, Vince disagreed. He noted that other companies that have previously used crypto as part of their business models have generated “significant amounts of cash” through the business, but that BNY Mellon has no plans to follow suit.