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Though many fans sing-along his name to songs from 'Hamilton,' the musical that took Broadway by storm, they may not realize one of Alexander Hamilton's many other great contributions to the nation: founding America's oldest bank, The Bank of New York. Now operating as BNY (BK), the bank looks very different than it did in Hamilton's day. Yahoo Finance Executive Editor Brian Sozzi interviewed BNY CEO and President Robin Vince on the future of 'digital assets' (which encompasses crypto, blockchain, NFTs, and digital bonds) to which Vince says "there's a lot of opportunity that comes from that."
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as a company that's so intertwined in our financial system, do you see crypto at some point rivaling traditional currencies?
Um, I think digital assets, I'm gonna take one click out and just say digital assets, whether it's the technology, blockchain distributed ledger, whether it's the ability to take certain assets and represent them on those types of ledgers as a digital asset. I think there's a lot of opportunity that comes from that. The choice about whether or not an individual or wants to put all their money in a particular coin is a slightly different thing. I don't think the dollar is going to go anywhere. I think the way that we treat and make the dollar work efficiently and effectively in the world's financial system is going to evolve. But by the way, the traditional dollar can be real time too. We have new real-time payment rails in the US. We have Fed now. We're very involved in that. We're actually the first bank to go live on those real-time payment rails. And so being able to make dollars work more efficiently isn't just dependent on on digital asset technology. But it may have a role to play over time.
