State Street Opens A New Division for Digital Currencies

State Street Opens A New Division for Digital Currencies

State Street, a US bank that is second to just one bank in terms of age, has formed another branch for the sole aim of serving customers that have digital assets and crypto needs.

State Street asset manager is now the latest to declare dedicated crypto services to all and sundry.

The information came on Thursday, June 10. Right now, it is expected that the bank will give the best of its services to anyone that calls for tokenization, crypto, CBDC, and anything related to blockchain.

The CEO of State Street, Ron O’Hanley stated that the move was important because times are changing.

For now, the one who will be in charge of the new division is Nadine Chaker for his experience in controlling the global markets department. Chaker is poised to begin his job and hopes to take the firm to a level where other digital market firms will look up to it.

At the moment, State Street has $3.6 trillion in assets to manage and custodies amounting to $40.3 trillion. Apart from BNY Mellon, there is no other globally recognized custodian that has ventured into digital currencies.

Plans are now underway to add P2P function to the firm’s services especially because more digital assets will be added.

Also read: Victory Capital Takes a Bold Step into Crypto

This is not the first time State Street is venturing into digital assets. Before now, it has been in charge of Iconic Funds’ Exchange Traded Note that featured Bitcoin since April. Still in April, State Street participated in the fund raising organized by fintech firm, Securrency, where it invested $30 million.

Three months ago, State Street was employed by VanEck in the U.S. to manage its BTC ETF. It was also in partnership with Gemini last two years when they decided to try giving automated reports to customers that used their custodial services.


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