State Street to launch division dedicated to digital assets and DeFi

The second-oldest bank in the United States, State Street, announced the creation of a new division focused on digital assets and the decentralised finance (DeFi) sector. The information is stated in the organisation’s press release.

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“The financial industry is being transformed into a digital economy, and we view digital assets as one of the most significant forces shaping our industry over the next five years,” said Ron O’Hanley, chairman of State Street Corporation.

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The State Street Digital division is focused on cryptocurrencies, CBDC, blockchain technology and asset tokenisation. It will include the bank’s GlobalLink platform.

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State Street was among the first participants in the banking consortium R3 in 2015. In February 2016, the corporation joined the Hyperledger Project.

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In 2019, the holding launched a pilot project in the digital assets space in collaboration with the Bitcoin exchange Gemini.

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In late 2020, State Street and the financial giant S&P Global led a funding round of $15 million for Lukka, a provider of cryptocurrency data.

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Earlier in April 2021, the bank announced the launch of the Pure Digital platform for trading digital assets for financial institutions.

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