US bank State Street sent a message to Wall Street: “We are serious about digital assets.”
To this end, the bank has created an entirely new business unit dedicated to digital assets, tokenization and cryptocurrencies. The CEO of the company, Ron O’Hanley, stated that the interest and need for digitalization and digital assets is increasing day by day.
Announced Thursday, the new unit – State Street Digital – will be led at the firm by Vice President Nadine Chakar. “This is a sign of the true commitment of our CEO,” Chakar said, referring to Ron O’Hanley, who said in a statement that digital assets are becoming an important part of the broader financial services industry. O’Hanley added:
State Street’s new 400-employee unit continues much of its previous work in the digital asset market. The firm has also partnered with a number of companies offering Bitcoin products, serving as directors for a planned Bitcoin ETF to be listed on the Frankfurt Stock Exchange. He is also the appointed transfer agent for VanEck’s Bitcoin Trust.
For now, on the crypto front, the firm will continue to offer fund management services and provide clients with a white-label software service that allows clients to trade in various liquidity areas. The list of customers interested in these products seems extensive.
Hello there! My name is Oktay from Tokensboss editors. I introduce myself as a business graduate and writer. I have been doing research on cryptocurrencies and new business lines for over 2 years.