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Laxman Pai, Opalesque Asia:

State Street Corporation is establishing a new division focused on digital finance to include services for crypto, central bank digital currency, blockchain, and tokenization.

The American financial services and bank holding company with $40.3 trillion in assets under custody or administration said in a press release that the new division, State Street Digital, will be led by Nadine Chakar, a three-decade industry veteran and executive vice president. Chakar will report to Lou Maiuri, chief operating officer of State Street Corporation.

The move came only weeks after the Boston-based bank was appointed by Iconic Funds to serve as the administrator of a bitcoin-backed exchange-traded note listed on the Frankfurt Stock Exchange.

The company also notes that it already operates the firm's proprietary Globallink technology platform. The technology will be enhanced, State Street details and it will become a "digital multi-asset platform."

"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 chief executive officer of State Street Corporation. "Digital assets are quickly becoming integrated into the existing framework of financial services, and we must have the tools in place to provide our clients with solutions for both their traditional investment needs as well as their increased digit......................

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