State Street Creates Digital Assets Unit

State Street has launched a new unit dedicated to evolving its role in digital finance, expanding into cryptocurrencies, central bank digital currencies (CBDC) and tokenization. Known as State Street Digital, the new unit will be led by securities services veteran Nadine Chakar and seeks to address the industry-wide shift to a digital economy according to a story in The Trade news. The Boston-based investment bank stated it would use its proprietary GlobalLink technology platform as an integral component of the unit and will be enhanced into a digital multi-asset platform. “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,” said Ron O’Hanley, chairman and CEO at State Street.