State Street Corporation has announced a new division “focused on the industry’s evolving shift to digital finance”.
The US financial services company’s new division, State Street Digital, will be headed up by executive vice-president, Nadine Chakar.
“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,” State Street chairman and chief executive, Ron O'Hanley, said.
“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.”
State Street Digital will expand to include crypto, central bank digital currency, blockchain and tokenisation.
“We have been developing a number of digital capabilities and other solutions as well as partnering and investing in the infrastructure that forms the foundation of State Street Digital,” Ms Chakar said.
“State Street has a major role to play in the evolution of digital market infrastructure and this new division will help us bring our expertise and resources to the conversation.
“As digital currencies and tokenization not only gain momentum, but transform financial infrastructure and operating models, we can help our clients bridge the gap between the industry of today and the one of tomorrow.”
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