Today State Street unveiled a new division State Street Digital, dedicated to digital finance, which will incorporate cryptocurrency, central bank digital currency, blockchain, and tokenization.
State Street is the second largest custodian in the world with more than $40 trillion assets under custody, a couple of trillion shy of market leader BNY Mellon which made a similar digital assets announcement in February.
“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 the industry of today and the one of tomorrow,” said Nadine Chakar who will lead the division. She previously was Head of State Street Global Markets and spent 18 years at BNY Mellon.
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