The world’s largest custody service provider with over $4.1 trillion in assets. State Street Corporation, bitcoin and other cryptocurrencies Preparing to start the custody service for
In an interview with Bloomberg, Nadine Chakar, president of the bank and vice president of State Street Digital, said: crypto custody service He said that they plan to present the
“We are literally investing in the future. “We know customers are looking for it.”
Pointing out that State Street is a Global Systemically Important Financial Institution (G-SIFI), Chakar stated that there are some regulatory obstacles in front of the bank.
“The regulatory barriers of being a G-SIFI institution have some additional pressures. But we think that a custodian bank like State Street can continue to do what it does best: maintain order and security in the system. But we will do it differently.”
Bitcoin and other cryptocurrency Referring to the volatility of the units, Chakar emphasized that the adoption of more institutional firms will create a more stable environment in the crypto market and he believes that State Street can provide this stability.
Chakar also stated that he believes comments that State Street is too big to fail, adding, “It’s my personal mission to prove that elephants can really dance.” said.
Finally, Chakar said when his clients saw that State Street, as the world’s largest custodian, was protecting corporate firms. Bitcoin and crypto money that its adoption will continue to grow.
State Street, which launched its Chakar-led digital division in June, offered crypto reporting and processing services to private fund clients last year.
Continuing its work on this issue, banking giant State Street’s custody service plans for digital assets are targeting crypto local stores such as Coinbase Custody and BitGo.
*Not investment advice.