State Street creates new digital finance unit

State Street Corporation has launched a new division to cater to the growing focus among corporates and institutions on crypto assets, central bank digital currency, blockchain and tokenisation.

Said industry veteran Nadine Chakar, who will lead State Street Digital: “As digital currencies and tokenisation 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.”

The firm’s GlobalLink technology platform will be enhanced into a digital multi-asset platform to support crypto assets, among other asset classes, and create new liquidity venues for clients and investors worldwide.

“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,” added Ron O’Hanley, chairman and chief executive officer of State Street Corporation.