BNY Mellon exec says digital assets »here to stay«
Are you scared you don't know if crypto is here to stay?
You are not the only one. Take 5 minutes to read the whole blog and you will know everything you need.
Spoiler alert: »Big players« think it's here to stay!
Michael Demissie, the head of digital assets at Bank of New York Mellon (BNY Mellon), the world's largest custodian bank and securities services company, says the digital asset industry isn’t going anywhere despite being down over 60% from all-time highs.
Demissie is convinced that a market crash won't waver institutional interest in digital assets, they see clients are absolutely interested. He went the extra length and backed up his statement – a survey conducted by BNY Mellon found that 91% of custodian bank clients are interested in investing in blockchain-based tokenized products.
The survey also found 86% of institutional players are adopting a »buy and hold« strategy. This suggests the cryptocurrency market is a long-term play.
Not everything is sunshine and rainbows. Demissie said more work is needed to be done in Washington D.C. so that the institutions can move forward with more regulatory clarity.
BNY Mellon is at the forefront of institutional adoption. In October it launched its own digital custody platform, offering only selected institutional clients the opportunity to invest in Bitcoin and Ethereum. Also in February, it announced a partnership with an on-chain metrics platform Chainalysis.
Super Bowl LVII crypto ad deals fell apart after FTX collapse
Do you remember last year's Super Bowl?
It was filled with crypto ads, one that will stay in our memories forever is FTX's. We all know what happened 9 months after – FTX collapsed and a criminal investigation into SBF started.
Coinbase, Crypto.com and Etoro also splurged a lot last year but won't be doing the same in 2023. The only Web3 company that secured the spot is a blockchain-based game that will reportedly give away 10.000 NFTs. Viewers will have to just scan the QR code to get it.
A lot changed in one year. Billions were lost in valuations and a lot of people left the space thus lower revenues for companies and less money to spend. This doesn't mean sports advertising isn't a crucial avenue but marketing adapts over time. Last year was more crypto-specific now it has shifted towards Web3-driven fan engagement, says the head of marketing at Bitstamp US.
The final lineup of advertisers for the Super Bowl is still unclear but the usual suspects are beer, snacks and cars.
Even tho we love crypto we won't miss these ads. They were engaging and sometimes even fun to watch but we are glad to know no one will get »scammed« as a result.
The collapse of FTX would definitely hurt much fewer people if it weren't for the ads and all of the celebrities promoting it.
Hope you got valuable information and have a nice day until we get together again next week.