State Street Corporation has announced the launch of State Street Digital, a new division that addresses the industry’s transition to digital finance. Nadine Chakar, the executive vice president who has been in the industry for three decades, will be leading the new division. Chakar will be reporting to the CEO of State Street Corporation, Lou Maiuri.
“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 of State Street Corporation.
O’Hanley added that digital assets are rapidly becoming integrated into the existing framework of financial services. He believes that it is highly crucial for the company to have the tools in place to meet their clients’ traditional investment needs, as well as their rising digital needs.
State Street Digital will be adding to State Street’s existing digital capabilities, and will expand to include cryptocurrency, blockchain, tokenization and central bank digital currency.
State Street Digital is expected to be transformed into a multi-asset platform to support crypto assets among other asset classes. Moreover, in order to support their P2P ambitions, new liquidity venues will be created for their clients and investors worldwide.