By Grace Chung
June 10, 2021
State Street is setting up a new division focused on digital finance to include services for crypto, central bank digital currency, blockchain, and tokenization, the company said Thursday. State Street has $40.3 trillion in assets under custody or administration and manages $3.6 trillion in assets through State Street Global Advisors.
The new division, called State Street Digital and comprised of 425 professionals, will address the needs of an increasing client base, which saw a 300 percent growth in investments in cryptocurrency from February to April, the company said. State Street's move gives digital currencies an additional mark of institutional credibility.