State Street is creating a division dedicated to digital finance, which will comprise cryptocurrency, central bank digital currency, blockchain technology and tokenization, it announced Thursday morning.
State Street Digital will be integrated with its proprietary electronic trading platform, which the bank plans to develop into one that can support crypto assets as well as other asset classes.
State Street, which has $3.6 trillion assets under management and $40.3 trillion in assets under custody, is the second of the five major global custodians introduce a service for digital assets.
Nadine Chakar, head of global markets at State Street, will lead the division and report to chief operating officer Lou Maiuri.
The bank also said the division plans to create new liquidity venues for our clients and investors.
Ron O'Hanley, CNBC's Bob Pisani, Gary Gensler, BNY Mellon, Nadine Chakar, Lou Maiuri
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