State Street: Crypto winter has not deterred institutional investors

Institutional investors have kept their interest in blockchain and cryptocurrencies, despite the bear market. In an interview with the Sydney Morning Herald, Irfan Ahmad, head of State Street’s digital division in APAC, said.

According to him, volatility in June–July did not deter clients — they were making strategic bets on the asset class. This suggests that it will not go anywhere, Ahmad added.

The senior executive also said that State Street plans to roll out new crypto products in APAC, including Australia. He did not disclose details.

State Street is the second-oldest bank in the United States. In 2019 it launched a pilot project in the digital-asset space in collaboration with the Bitcoin exchange Gemini.

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

Later, the bank announced the launch of the Pure Digital platform for financial institutions and a division, focused on DeFi and cryptocurrencies.

Earlier in autumn 2021, executives from Fidelity, UBS and State Street announced an interest in funds based on digital assets and did not rule out the appearance of such products.

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