• The global custodian bank, State Street, is making cuts to its blockchain developer team.
  • It is reported that some developers of 100 upwards have been let go by the bank.

State Street, the global custodian bank, has opted to move into a new direction with its blockchain strategy and has made cuts of developer jobs in the process, according to people familiar with the situation said.

It was reported that the bank’s focus is now more tilted towards digital assets such as tokenized stocks and bonds through to cryptocurrencies, rather than the heavy lifting work of re-plumbing front to back office with distributed ledger technology (DLT).

As a result of various cost pressures that are said to be weighing on the Boston-based bank, there has been a dramatic streamlining of the global blockchain team in the past few weeks.

A former State Street engineer said the cuts numbered over 100 blockchain developers. Elsewhere, a second person familiar with the situation said “most of the blockchain team had gone,” and that the number let go was “upwards of 100.” There are now “only a few token people left” from the team, this person said, meaning “token” as in perfunctory, not in the crypto sense.

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Fed-led rally could have legs towards $65,000

Bitcoin Weekly Forecast: Fed-led rally could have legs towards $65,000

Bitcoin has risen 7% so far this week, supported by the US Fed interest-rate cut and more than $300 million in ETFs inflows. The recent surge led BTC price to shatter several key technical resistance levels, a sign that the current two-week rally has likely some more way to go towards $65,000.

More Bitcoin News
Ethereum, BNB and POL holders on the watch as BingX faces loss of $26 million in hack

Ethereum, BNB and POL holders on the watch as BingX faces loss of $26 million in hack

Crypto exchange BingX said on Friday that it suffered a hack, an attack that led to “minimal” losses that researchers at PeckShield estimate at $26.68 million.  The attacker swapped the stolen altcoins for Ethereum, Binance Coin and Polygon tokens, according to on-chain data. 

More Cryptocurrencies News
Pepe price forecast: Eyes for 30% rally

Pepe price forecast: Eyes for 30% rally

Pepe extends the upward movement on Friday after breaking above the descending trendline and resistance barrier on Thursday. PEPE’s dormant wallets are in motion, and the long-to-short ratio is above one, further supporting this bullish move and hinting at a rally on the horizon.

More PEPE News
Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum

Shiba Inu is poised for a rally as price action and on-chain metrics signal bullish momentum

Shiba Inu remains strong on Friday after breaking above a symmetrical triangle pattern on Thursday. This breakout signals bullish momentum, further bolstered by a rise in daily new transactions that suggests a potential rally in the coming days.

More Shiba Inu News
Bitcoin: Fed-led rally could have legs towards $65,000

Bitcoin: Fed-led rally could have legs towards $65,000

Bitcoin (BTC) has risen 7% so far this week, supported by the US Federal Reserve (Fed) interest-rate cut and more than $300 million in ETFs inflows. The recent surge led BTC price to shatter several key technical resistance levels, a sign that the current two-week rally has likely some more way to go towards $65,000.

Read full analysis
Moneta Markets review 2024: All you need to know

Moneta Markets review 2024: All you need to know

VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.

Read More

BTC

ETH

XRP