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State Street forms digital finance division
Current capabilities to be expanded to support crypto, blockchain and tokenization
11 Jun 2021 | The Asset

State Street Corporation has launched a new division focused on addressing the financial industry’s evolving shift to digital finance. The new division, State Street Digital, will be led by Nadine Chakar, a three-decade industry veteran and executive vice president at the firm. Chakar will report to chief operating officer 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,” says chairman and chief executive officer Ron O’Hanley. “Digital assets are quickly becoming integrated into the existing framework of financial services, and it is critical we have the tools in place to provide our clients with solutions for both their traditional investment needs as well as their increased digital needs.”

The new division will build on State Street’s current digital capabilities and will expand to include crypto, central bank digital currency, blockchain, and tokenization.

The firm’s proprietary GlobalLink technology platform will be an integral component of State Street Digital. The objective is to develop it into a multi-asset platform to support crypto assets, among other asset classes, and create new liquidity venues for clients and investors worldwide.

Meanwhile, Tony Bisegna, global head of portfolio solutions, FX sales and trading, and research for State Street Global Markets, will become the head of global markets, effective September 1.