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. He added:
“Digital assets are quickly becoming integrated into the existing framework of financial services, and it’s critical we have the tools in place to provide our clients with solutions for both their traditional investment needs as well as their increased digital needs.”