Securities Finance Industry News | State Street Launches New Digital Finance Division

State Street launched State Street Digital, a new division focused on moving the industry toward digital finance.

The new division will build on State Street’s current digital capabilities and expand to include crypto, central bank digital currency, blockchain and tokenization.

Meanwhile, State Street’s proprietary GlobalLink technology platform will become an integral part of State Street Digital and will be enhanced into a multi-asset digital platform.

The goal is to evolve the platform into a multi-asset platform to support crypto assets among other asset classes, and support peer-to-peer ambitions by creating new venues liquidity for customers and investors around the world.

Nadine Chakar, executive vice president of State Street, will take over the leadership of the new division. She will report to Lou Maiuri, Chief Operating Officer of State Street.

The move builds on State Street’s acceleration into the digital services space. In April of this year, State Street has been named administrator of a bitcoin-backed exchange-traded note (ETN) project initiated by Iconic Funds.

Additionally, as part of State Street’s succession planning, Tony Bisegna has been named Head of Global Markets, effective September 1, 2021.

“The financial industry is transforming into a digital economy, and we see digital assets as one of the most significant forces that will impact our industry over the next five years,” comments Ron O’Hanley, President and CEO. General of State Street.

O’Hanely explains, “Digital assets are rapidly integrating into the existing financial services framework, and it’s critical that we have the tools in place to provide our clients with solutions for both their traditional and their increased digital needs. ”

Chakar adds, “State Street has a major role to play in the evolution of the 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 traction, but transform financial infrastructure and operating models, we can help our clients bridge the gap between the industry of today and tomorrow. .”

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