Blockchain Association Singapore (BAS) signs an MOU for a partnership with BNY Mellon

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TL;DR Breakdown

  • BNY Mellon IM and BAS have sealed a partnership by signing a Memorandum of Understanding (MOU).
  • The duo will work on developing a blockchain network to initiate a global effort in advocacy of the crypto space.

BNY Mellon and BAS have completed the signing of a partnership deal where they will promote blockchain adoption among institutional investors. They signed the agreement through a Memorandum of Understanding (MOU). The deal will expose institutional investors to cryptos and DeFi assets.

They will both come up with ideas on the available opportunities in the crypto space for innovation. They will also leverage their expertise with the world to make cryptocurrencies and the DeFi sector more popular.

BAS and BNY Mellon ink a partnership deal

Earlier today, a report came out that BAS and BNY Mellon had signed an MoU to signal the start of a strategic partnership. The duo has masterminded the unity to offer their expert consultancy services jointly to the institutional investors on blockchain technology and virtual assets

The unity between the two will continue further by aiding institutions in exploring the crypto space. BNY Mellon will be welcome to BAS’s future events like the SG Blockchain Week 2022. It will also feature in BAS’s ASEAN Blockchain Day, which will have awards.

Regarding the development, the co-Chairman of BAS, Mr. Chia Hock Lai, expressed that its an honor to form a partnership with BNY Mellon. He explained that it is special for his organization to form a joint effort with BNY Mellon in advocating for the crypto space by leveraging their expertise to help companies and organizations explore crypto markets.

Chia continued that the crypto space has been on an uptrend in the past years, and it may go on to surpass the current All-Time High (ATH) of the market capitalization of $4.9B recorded in 2021 to register about $67.4B before 2026. This growth can only be achieved if the market grows at a compound annual rate of 68.4%, which is not out of the question.

Additionally, he noted that blockchain technology is still in its early phases, but its enthusiasts are hopeful for survival. He said that his team is particularly certain that their new deal with BNY Mellon will help in driving the adoption of crypto space and its products.

Johnny Wijaya, the head of the Asia Pacific Innovation Center at BNY Mellon, also commented that they are excited about joining hands with BAS. He explained that the partnership would help nurture the adoption of virtual assets in Singapore.

He added that they are eager to take part in transforming Singapore into a blockchain technology hub following their selection as the strategic institutional digital assets partner of BAS.

More about BNY Mellon and BAS

BAS was made as a bridge between Singaporeans and crypto stakeholders. Now, the latest partnership with BNY Mellon is an essential ramp towards achieving an ecosystem where multiple stakeholders can come up with solutions and advocate for virtual assets in a flexible way.

BNY Mellon is a well-known blockchain innovation fund that manages a portfolio of virtual assets across different companies that engage in blockchain technology. It began operations in Singapore in 1974 and has grown over time. Its growth has been consistent, leading to the opening of its Singapore Innovation Center in 2016. It also ranks in the 25 consortium members of the fintech firms in the Veritas Initiative.

The Veritas Initiative is under the management of the Monetary Authority of Singapore (MAS) and moves to support institutional investors in the fintech sector. It began operations in 2019 and helped institutions configure their Artificial Intelligence (AI) and Data Analytics-driven solutions. It ensures that the services given by the institution are in line with the principles of Fairness, Ethics, Accountability, and Transparency (FEAT).

Institutional investors continue eying the crypto sphere

Over the past several months, the crypto space has witnessed significant cash inflows from institutional investors. These investors are capitalizing on crypto innovations like digital payment systems and assets.

In the first week of March 2022, the crypto space saw an influx of around $127 M from institutional investors. Also, about 84% of the 200 institutions that participated in recent research by Nickel Digital believed that crypto would go mainstream soon. In the same month, US major bank Goldman Sachs began trading cryptos over the counter in one of a kind move for an institution of its nature.

Although it seems like investing in the crypto space early while anticipating a mainstream move is a bright idea, it may lead to catastrophic losses. Therefore, it is best to DYOR before joining any crypto project, as not all of them might survive.

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Ryan Salame
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