On Thursday, Boston-based financial services and banking holding company State Street Corporation announced the launch of a division dedicated to cryptocurrencies, digital economy and decentralized finance (challenge).
State Street summons new division dedicated to crypto, blockchain and challenge
State Street Financial Services Company (NYSE: STT) offers a wide range of products such as investment management, securities lending, stock trading, and custodial banking services. As of the third quarter of 2020, data shows State Street has approximately $ 3.15 trillion in assets under management (AUM). On June 10, the company revealed that it was making a big leap into the world of digital finance by launching a new division focused on innovative technologies.
State Street’s announcement on Thursday reveals that the financial institution plans to “expand to include crypto, central bank digital currency, blockchain and tokenization.” The company also notes that it already operates the company’s proprietary Globallink technology platform. The technology will be improved, says State Street, and it will become a “multi-asset digital platform”.
“The financial industry is transforming into a digital economy, and we see digital assets as one of the most important forces impacting our industry over the next five years,” explained Ron O’Hanley, President- Managing Director of State Street Corporation. “Digital assets are rapidly integrating into the existing framework of financial services, and it is essential that we have the tools in place to provide our clients with solutions for both their traditional investment needs and their growing digital needs. “
The banking company further noted that with the goal of evolving to a multi-asset platform, it will support both crypto asset classes and other types of assets. “The aim will also be to support our peer-to-peer ambitions by creating new liquidity platforms for our clients and investors around the world,” the State Street announcement said.
“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,” said State Street executive Nadine Chakar. “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 today’s industry and that of tomorrow. “
Chakar was recently appointed to head State Street Digital to address the financial sector’s transition to a digital economy and challenge, the announcement said. The chief executive of the financial services firm concluded that the company had “developed a number of digital capabilities and other solutions” while investing in infrastructure.
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