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State Street Launches Dedicated Cryptocurrency Division

News
State Street Launches Dedicated Cryptocurrency Division

State Street is the latest among Wall Street heavyweights to join in the digital assets bandwagon.

State Street Establishes Digital Finance Offshoot

Despite the cryptocurrency market cooling-off in recent weeks, the number of institutional investors joining the emerging industry continues to increase. The latest in the fray is State Street which has launched a new division dedicated to digital finance.

The newly launched division, dubbed State Street Digital will be led by Nadine Chaker who has experience of over 30 years in the industry and will work in the capacity of the executive VP.

“We have been developing a number of digital capabilities and other solutions as well as partnering and investing in the infrastructure that forms the foundation of State Street Digital,” said Chakar.

Adding:

“State Street has a major role to play in the evolution of digital market infrastructure and this new division will help us bring our expertise and resources to the conversation. As digital currencies and tokenization not only gain momentum, but transform financial infrastructure and operating models, we can help our clients bridge the gap between the industry of today and the one of tomorrow.”

Notably, State Street Digital will address and develop solutions keeping in mind the industry shift to a digital economy and decentralized finance (DeFi).

“We see digital assets as one of the most significant forces impacting our industry over the next five years,” the company’s chairman and CEO Ron O’Hanley said in a statement Thursday, adding that “digital assets are quickly becoming integrated into the existing framework of financial services” and that the company wants to be prepared to serve clients as their appetite increases.

Wall Street Dabbling in Crypto

With $3.6 trillion assets under management and $40.3 trillion in assets under custody, State Street is the second among the five major global custodians to introduce a service dedicated to digital assets.

As previously reported by BTCManager, BNY Mellon announced it would be introducing digital assets custody services for its clients.

Similarly, competition such as Morgan Stanley and Goldman Sachs also went on record to state that they are closely monitoring developments in the cryptocurrency industry.