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Financial services provider State Street Corp. announced the launch of its new division. The one that will allow the company to grow in cryptocurrencies, tokenization, central bank digital currencies (CBDC) and blockchain technology.
“The world of finance is changing,” the company announced from its official Twitter account. “We are ready. Our new division, StateStreetDigital, will focus on transforming the sector towards decentralized finance and a digital economy.”
Nadine Chakar, a 30-year industry veteran, will lead the division. Chakar previously held the position of Head of Global Markets. As she takes up her new role, Tony Bisegna will replace her in September as Head of Global Markets.
A press release revealed that GlobalLink, the company’s proprietary technology platform, is an integral part of the division. The platform will be enhanced to accommodate and support multiple assets. In other words, cryptocurrencies, alongside other asset classes.
The statement quoted Chakar: “As digital currencies and tokenization not only gain momentum, but transform financial infrastructure and operating models, we can help our clients bridge the gap between the industry. today and tomorrow.
Other institutions are moving towards digital
CBDCs are one of the digital facets in which State Street Digital aims to grow. And they are not alone. CBDCs remain a hot topic of debate in the crypto space. A recent article from the Bank for International Settlements (BIS) found that nearly 50 central banks have launched designs or prototypes for their own digital currencies. The authors of the article proposed a more promising hybrid or intermediated CBDC than those based on current cryptocurrency systems.
Meanwhile, the UK is still undecided on its own CBDC. Reports revealed that while the country is still evaluating the pros and cons with stakeholders. However, he has researched the matter. Meanwhile, Bank of England Governor Andrew Bailey has praised the CBDCs. He called them “one of the most fundamental innovations in the history of the central bank”.
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