Multi-trillion asset manager State Street launches digital currency division
June 11, 2021. Summarized by summa-bot.
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State Street is moving to embrace crypto assets, with the multi-trillion-dollar asset manager launching a dedicated digital asset division.
Multi-trillion dollar asset manager, State Street Corporation, has become the latest financial institution to announce the launch of a dedicated digital finance division.
State Street, the second-oldest continually operating bank in the United States, announced the move on Thursday, June 10, highlighting the division’s focus on cryptocurrency, blockchain technology, central bank digital currencies (CBDCs), and tokenization.
”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,” asserted State Street CEO and chairman, Ron O’Hanley.
State Street currently boasts $3. 6 trillion worth of assets under management and $40. 3 trillion in custodied assets, and is the second major global custodian to launch digital asset services, following in the footsteps of BNY Mellon.
The creation of the new division is not State Street’s first foray into digital assets, with the firm having been appointed as the administrator of a German Bitcoin-backed exchange-traded note (ETN) from Iconic Funds in April.