State Street, the second oldest existing bank in the United States, has launched a division to work with cryptoassets. The bank plans to launch cryptocurrency trading this year.
According to the bank’s press release, the new State Street Digital division will be headed by Executive Vice President Nadine Chakar, who will report to the bank’s COO Lou Maiuri. State Street is expanding into cryptocurrencies, government cryptocurrencies, blockchain, tokenization and upgrading its GlobalLink platform to a digital trading system.
In April, reports emerged that State Street is working on a new digital asset trading platform to launch mid-year as part of a partnership between trading technology provider Currenex Bank and London-based company Pure Digital, which is developing infrastructure for foreign exchange trading platforms. The companies then stated that, after further researching the digital asset industry, State Street plans to launch crypto-asset trading in mid-2021.
“Digital assets are rapidly integrating into the financial services framework, and it is critical that we have the tools to provide our clients with solutions for both their traditional investment needs and their digital needs,” said State Street CEO Ron O’Henley. O’Hanley) in a statement this week.
Many large banks such as BNY Mellon, Goldman Sachs and Morgan Stanley are now also developing cryptocurrency solutions.
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