State Street wades into crypto space with new digital division

State Street wades into crypto space with new digital division

State Street is embracing the shift to decentralised finance with the creation of a new division specifically to engage with digital assets, including cryptocurrencies. “The financial industry is transforming to a digital economy, and we see digital assets as one of the most significant forces impacting our industry over the next five years,” says Ron O’Hanley, chairman and chief executive officer of State Street Corporation. “Digital assets are quickly becoming integrated into the existing framework of financial services, and it is critical we have the tools in place to provide our clients with solutions for both their traditional investment needs as well as their increased digital needs.” The new division will build on State Street’s current digital capabilities and will expand to include crypto, central bank digital currency, blockchain, and tokenization. The bank intends to evolve its GlobalLink technology platform to support crypto assets and other emerging digital instruments. It has appointed Nadine Chakar, three-decade industry veteran and executive vice president, to lead the business, dubbed State Sreet Digital. In April of this year, State Street was appointed as the …
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