American financial services giant State Street Corporation has launched a new business unit dedicated to the rapidly evolving financial sector. The firm unveiled this news through a press release on June 10, noting that the new division is dubbed State Street Digital. Reportedly, this unit will be headed by Nadine Chakar, an industry expert with more than three decades of experience.
According to the news release, Chakar will report directly to State Street Corporation’s COO, Lou Maiuri. Explaining the financial giant’s foray into the nascent sector, Ron O’Hanley, State Street’s Chairman CEO, said the financial industry is rapidly evolving into a digital economy. The firm believes digital assets will be a significant force that transforms the finance sector in the next few years.
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O’Hanley added that the financial services infrastructure is rapidly incorporating digital assets into its plumbing. To this end, State Street decided to dip its toes in the burgeoning asset class to add tools that will help it provide its clients with solutions for their traditional investments as well as their digital needs.
Bridging the gap between the current financial system with the future one
Per the publication, the new division will leverage State Street’s current digital capabilities to tap into crypto, central bank-issued digital currencies, the blockchain, and tokenization. State Street Digital will comprise State Street’s proprietary technology, GlobalLink. The company intends to grow it into a platform that houses multiple digital currencies.
Through this platform, the firm also intends to underpin its peer-to-peer goals by creating new liquidity channels for its clients and investors across the globe. Per Chakar, the company has been developing multiple digital capabilities and other solutions, forging new partnerships and investing in the infrastructure that supports State Street Digital.
She added that State Street has a significant role to play in the transformation of the digital market infrastructure, and this new division will help it achieve just that. Chakar went on to note that State Street aims to help its clients bridge the gap between the current financial industry and that of tomorrow.
This news comes as State Street continues to get involved in the budding crypto space increasingly. Before this, the company announced that VanEck had appointed it as the administrator and transfer agent of its Bitcoin exchange-traded fund (ETF). Apart from this, the firm disclosed that Iconic Funds had chosen it as the administrator of its planned Bitcoin (BTC) backed exchange-traded note (ETN).
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