Custodian banks used to hold gold in physical vaults. Now, BNY Mellon's head of fintech partnerships explains the evolution to securing crypto.
As the 'concept of money' evolves, custodian banks like 234-year-old BNY Mellon are changing in tandem, Lucien Foster, the firm's head of fintech partnerships, said in a recent Business Insider interview.
The future of a major custody bank looks nothing like its past. Gone are gold bars and paper stock certificates, stored in soaring, high-security vaults. In are technology platforms that track forms of currency still in nascent stages. Then, just under 50 years ago, those physical stock certificates became digitized. Other financial instruments materialized: options, as well as derivatives, which"are wholly creations, foundationally, because of technology," Foster said.for our weekly newsletter Wall Street Insider, a behind-the-scenes look at the stories dominating banking, business, and big deals.
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