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BNY Mellon Sees Potential for Digital Asset Revenue in 2023

  • Firm is waiting for clarity on ETF rules, CFO Portney says
  • First Bitcoin-linked ETF, based on futures, launched in fall
A Bank of New York Mellon Corp. office building in New York.

A Bank of New York Mellon Corp. office building in New York.

Photographer: Gabriela Bhaskar/Bloomberg
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Digital assets could create a meaningful source of revenue for Bank of New York Mellon Corp. as soon as next year, according to Chief Financial Officer Emily Portney.

The firm is collaborating with Fireblocks, a unicorn fintech that enables financial institutions to store, move and issue cryptocurrencies, which is “foundational to everything we’re going to do,” Portney said in an interview on Tuesday after the firm reported fourth quarter results. The bank is now awaiting clarity from global regulators on the rules governing such cryptoassets.