State Street Unveils Digital Unit

State Street has unveiled a new unit dedicated to digital assets, and named Nadine Chaker, its current head of global markets to lead the unit. Tony Bisegna, global head of portfolio solutions, FX sales and trading, and research for State Street Global Markets, will become the new head of global markets effective September 1, 2021.

State Street Digital will build on the bank’s current digital capabilities and will expand to include crypto, central bank digital currency, blockchain, and tokenisation. The GlobalLink technology platform will be an integral component of State Street Digital, the bank says, and will be enhanced into a digital multi-asset platform, with the objective of evolving it into a multi-asset platform to support crypto assets among other asset classes. It adds that the aim will also be to support its peer-to-peer ambitions by creating new liquidity venues for clients and investors.

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

In April, State Street signed a deal with Pure Digital to provide the technology backbone for the platform using its Currenex technology. It has also won the mandates to administer bitcoin ETFs in Europe and the US.

“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,” says Chakar, who has been with the firm for just over two years after joining from Manulife investment management. “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 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.”