Renowned State Street Bank Opens Crypto Division

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State Street, the second oldest bank in the United States, has announced the creation of a new division focused on digital assets and the decentralized finance (DeFi) sector. This is stated in the message of the organization.

 

“The financial industry is transforming into a digital economy, and we view digital assets as one of the most significant forces affecting our industry over the next five years,” said State Street Corporation Chairman Ron O’Hanley.

 

State Street Digital is focused on cryptocurrency, CBDC, blockchain technology and asset tokenization. The GlobalLink bank platform will be part of it.

State Street was among the first members of the R3 banking consortium in 2015. In February 2016, the corporation became part of HyperledgerProject.

In 2019, the holding launched a pilot project in the field of digital assets in cooperation with the Gemini bitcoin exchange.

In late 2020, State Street and financial giant S&P Global spearheaded a $ 15 million funding round for cryptocurrency data provider Lukka.

In April 2021, the bank announced the launch of the Pure Digital digital asset trading platform for financial institutions.

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