State Street will create a department that will be responsible for the development of the bank in the field of digital assets, the DeFi sector of decentralized finance, as well as blockchain and tokenization.
State Street, one of the largest US banks, with over $ 40 trillion in deposits and under management, announced the launch of a cryptocurrency division that will focus on central bank digital currencies (CBDC), blockchain technology, tokenization and cryptocurrencies.
“We see digital assets as one of the most significant forces that will affect our industry over the next five years” bank representative said in a statement.
The company stressed that its proprietary technology platform GlobalLink will be converted to a digital platform and will start supporting various assets. In the future, it is planned to add support for cryptocurrencies.