State Street launches new division for digital finance

State Street announced it’s launched a new division focused on addressing the industry’s evolving shift to digital finance. It will build on State Street’s current digital capabilities and expand to include crypto, central bank digital currency, blockchain, and tokenization.

The firm’s proprietary GlobalLink technology platform will be an integral component of State Street Digital and will be enhanced into a digital multi-asset platform. The objective is to evolve the platform into a multi-asset platform to support crypto assets among other asset classes, and to support peer-to-peer ambitions by creating new liquidity venues globally.

“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,” said Ron O’Hanley, chairman and chief executive officer of State Street Corporation, in a statement. “Digital assets are quickly becoming integrated into the existing framework of financial services, and it is 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.”

In 2019, the company launched State Street AlphaSM, the industry’s first front-to-back offering based on the principles of openness and interoperability. In April of this year, State Street announced that it was appointed as the administrator of a planned bitcoin backed exchange traded note (ETN) initiated by Iconic Funds BTC ETN GmbH, a subsidiary of Iconic Funds GmbH. The ETN will be listed on the Frankfurt Stock Exchange, following the approval by the German Securities Regulator (BaFin). Separately in March, State Street announced that it was appointed as the fund administrator and transfer agent of the VanEck Bitcoin Trust (‘The Trust’) a new bitcoin exchange-traded fund (ETF) that is currently pending approval by the US Securities and Exchange Commission (SEC).

“We have been developing a number of digital capabilities and other solutions as well as partnering and investing in the infrastructure that forms the foundation of State Street Digital,” said Nadine Chakar, who will lead the new division, in a statement. “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.”

Read the full release

Related Posts

Previous Post
Clearstream linking to Saudi’s CSD and settlement system via HSBC custodian
Next Post
Funds Europe: tech and data infrastructure, ESG compliance top asset manager investment priorities

Related Posts

Fill out this field
Fill out this field
Please enter a valid email address.

Menu
X

Reset password

Create an account