The Bank of New York Mellon (BNY Mellon), a financial giant in the global market, has recently decided to name Subhankar Sinha as the new Head of Blockchain of the company. His new role will be to work in the creation of partnerships with the blockchain world.
According to the press release, these relationships will be focused on startups of the area and accelerators, which already have partnerships with other companies and can act as the middlemen in the partnership. It will be his function to both strengthen the partnerships that already exist and to find new ones as well.
Before joining the company, Sinha has spent a considerable amount of time working at the London-based PwC, an important international company in which he was the co-founder and co-lead. After he left, he decided to spend some time advising other startups on creating new kinds of business models there.
It all changed when the bank decided to hire him. The institution was already looking for someone in the area for quite a while now. Four months ago, they started to look for someone that could act as the “blockchain senior principal” in the company and now they have sound Subhankar Sinha.
The bank has been testing the blockchain technology since 2015. It has even released a sort of coin for internal payment called BK Coins.
Another important decision was to use the blockchain technology in order to keep more records of the transactions that happened in the bank and to issue tokens on top of the blockchain. With the rise in the popularity of the technology, it is obvious that these initiatives will greatly increase in number.
At the moment, the bank currently boasts a total of $34.5 trillion USD being administrated by it and around $1.8 trillion USD in assets under its management.
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