On Thursday, Boston-based financial services and bank holding company State Street Corporation announced the launch of a division dedicated to cryptocurrencies, the digital economy, and decentralized finance (DeFi).
State Street Invites New Division Dedicated to Crypto, Blockchain and DeFi
Financial services company State Street (NYSE:STT) offers a wide range of products such as investment management, securities lending, stock trading and custodial banking services. In Q3 2020, data shows that State Street has assets under management (AUM) of approximately $3.15 trillion. On June 10, the company revealed that it was foraying into the world of digital finance at large by launching a new division focused on innovative technologies.
An announcement from State Street on Thursday revealed that the financial institution is planning to “expand to include crypto, central bank digital currency, blockchain and tokens.” The company also notes that it already operates the firm-owned GlobalLink technology platform. The technology will be enhanced, State Street details and it will become a “digital multi-asset platform”.
Ron O’Hanley, President and CEO of State Street Corporation, explained, “The financial industry is transforming into a digital economy, and we are looking to see digital assets as one of the most important forces affecting our industry over the next five years.” I see.” “Digital assets are increasingly integrated into the existing financial services infrastructure, and it is vital that we have the tools to provide our clients with solutions for their traditional investment needs as well as their growing digital needs.”
The banking firm further mentioned that the objective is to grow into a multi-asset platform, it will support both crypto asset classes and other types of assets. “It will also aim to support our peer-to-peer ambitions by creating new liquidity spaces for our clients and investors around the world,” the State Street announcement said.
State Street executive Nadine Chakar explained, “State Street has a major role to play in the development of digital market infrastructure and this new division will help us bring our expertise and resources to the conversation.” “As digital currencies and tokens not only gain momentum, but transform financial infrastructure and operating models, we can help our customers bridge the gap between today’s industry and tomorrow’s industry.”
Chakar was recently appointed to lead State Street Digital to highlight the announcement and move the financial industry to a digital economy. The executive of the financial services firm concluded that the company is “developing multiple digital capabilities and other solutions” along with investing in infrastructure.
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