State Street will create a department that will be responsible for the development of the bank in the field of digital assets, the DeFi sector of decentralized finance, as well as blockchain and token.
State Street, one of the largest US banks, with over $ 40 trillion in deposits and under management, announced the launch of a cryptocurrency division that will focus on central bank digital currencies (CBDC), blockchain technology, tokenization and cryptocurrencies.
“We view digital assets as one of the most significant forces that will affect our industry over the next five years,” State Street said in a statement.
The company stressed that its proprietary technology platform, Global Link, will be converted to a digital platform and will start supporting various assets. In the future, it is planned to add support for cryptocurrencies.
On June 10, the Basel Committee on Banking Supervision proposed to introduce tough rules for the work of banks with cryptocurrencies. In particular, it is proposed to establish requirements for banks to have sufficient reserves that will cover possible losses from investments in bitcoin.
