The second-oldest continuously operating U.S. bank, State Street, has launched a new division dedicated to cryptocurrency and digital assets. 

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.”

The firm’s head of global markets, Nadine Chaker, will head the division and report its operations to COO Lou Maiuri. “State Street has a major role to play in the evolution of digital market infrastructure,” said Chaker.

The company hopes to expand its proprietary GlobalLink technology into a platform supporting multiple digital assets, including peer-to-peer functionality.

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. That same month, the firm invested in a $30 million Series B round for blockchain-based fintech and regtech firm, Securrency.

State Street was also named as administrator and transfer agent for a Bitcoin exchange-traded fund (ETF) proposed by VanEck in the United States during March. The firm also teamed up with Gemini in 2019 to trial automated reporting services for its custody customers.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Shiba Inu price gains in jeopardy as it tags crucial support level

Shiba Inu price shows little to no connection with the crypto markets as it failed to rally on June 8. Additionally, SHIB continued to descend while most altcoins were on a rally, following Bitcoin.

More Ripple News

IMF raises concerns about El Salvador's Bitcoin move citing legal and economic issues

El Salvador passed legislation to make Bitcoin legal tender, becoming the first country to do so. The IMF says that the country’s move raises macroeconomic concerns.

More Bitcoin news

Cardano Price Prediction: ADA needs to hold $1.39 or risks a dramatic decline

Cardano price illustrates a symmetrical triangle on the 12-hour chart with a clear but significant measured move of 50%, putting the May 19 low or the all-time high in the crosshairs depending on the resolution direction.

More Cardano news

Dogecoin price may fall 40% as fragile DOGE fundamentals multiply

Dogecoin price has shifted from a wide descending channel to a tighter channel after support folded at the 50-day SMA. The underperformance with Bitcoin and the breakdown in daily active addresses indicate a challenging outlook for ...

More Dogecoin news


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast