Main navigation

State Street Says Crypto Trading Could Damage Its Reputation

Tue, 4/10/2022 - 15:02
State Street Says Crypto Trading Could Damage Its Reputation
Cover image via
Read U.TODAY on
Google News

Global banking giant State Street does not have any cryptocurrency trading plans, according to Nadine Chakar, head of State Street Digital.


Chakar told London-based business media outlet Financial News that State Street did not want to risk its reputation by venturing into cryptocurrencies.

One of the most powerful women in finance mentioned that extreme volatility associated with cryptocurrencies was viewed as one of the key problems by State Street. The American financial services giant is also concerned about the lack of regulatory clarity.

In June 2021, State Street launched a digital finance unit after recognizing the growing importance of cryptocurrencies.

That department is mainly focused on tokenization, according to Chakar. The executive believes that the bank could significantly enhance the efficiency of blockchain trade by adding blockchain-powered rails to private assets and funds. Chakar, who joined State Street as the bank's head of global markets back in 2019, claims that tokenization could potentially "change everything."

3 Ways to Burn SHIB Named by This Prominent Burner: Report

The second oldest American bank also plans to launch a custodial service for crypto by the end of 2022. To that end, it formed a partnership with London-based Copper in early March.

Last month, Irfan Ahmad, the Asia Pacific digital lead for State Street's crypto unit, said that cryptocurrency investors were undeterred by plunging cryptocurrency prices. Ahmad teased more local cryptocurrency-focused products that would go live in the near future.

The Boston-headquartered bank, which was founded all the way back in 1792, boasts $4.14 trillion worth of assets under management.


Latest Press Releases

Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Bridging the Data Trust Gap: 2024 RegTech Confab Set to Unlock Africa’s Economic Potential
ApeX Protocol Partners with Alertatron to Enhance Automated Trading Capabilities
TeachMeCode Institute Announces Grand Opening of Cutting-Edge Dubai School
RHUNA Launches to Revolutionize the Events and Entertainment Industry with Fintech Innovation
Our social media
There's a lot to see there, too

Popular articles