State Street has launched a department dedicated to digital finance to be led by asset servicing veteran Nadine Chakar.
State Street Digital will include the custodian’s existing digital services but will also cover cryptocurrencies, central bank digital currencies, tokenisation and blockchain.
Its existing GlobalLink platform will be an “integral component” but the objective is to develop it to cater for multiple digital assets including cryptocurrencies.
Chakar, the current head of State Street Global Markets (SSGM), will lead State Street Digital, reporting to State Street chief operating officer Lou Maiuri. Her role at SSGM will be taken on by Tony Bisegna, global head of portfolio solutions, FX sales and trading, as of September 1.
The move is indicative of just how seriously global custodians are treating the rise of digital assets and cryptocurrencies. “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 of State Street.
“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,” he added.
In February BNY Mellon announced plans to launch a digital custody unit later this year. Meanwhile Standard Chartered and Northern Trust teamed up to launch Zodia, a crypto custodian for institutional investors, back in December 2020.
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