On Thursday, the Boston-based financial services and bank holding company State Street Corporation announced the launch of a division dedicated to cryptocurrencies, the digital economy, and decentralized finance (defi).
State Street Invokes New Division Dedicated to Crypto, Blockchain, and Defi
The financial services company State Street (NYSE: STT) offers a wide array of products like Investment management, securities lending, stock trading, and custodial banking services. In Q3 2020, data shows that State Street has around $3.15 trillion assets under management (AUM). On June 10, the company revealed it is stepping into the world of digital finance in a big way by launching a new division focused on innovative technologies.
State Street’s announcement on Thursday reveals the financial institution plans to “expand to include crypto, central bank digital currency, blockchain, and tokenization.” The company also notes that it already operates the firm’s proprietary GlobalLink technology platform. The technology will be enhanced, State Street details and it will become a “digital multi-asset platform.”
“The financial industry is transforming to a digital economy, and we see digital assets as one of the most significant forces impacting our industry over the next five years,” Ron O’Hanley, chairman and chief executive officer of State Street Corporation explained. “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.”