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As companies such as ETC Group and 21Shares launch or plan to launch bitcoin exchange-traded products (ETPs), State Street’s exchange-traded fund business is considering how it can harness growing client demand for digital currencies like bitcoin, Financial News reported.
A State Street official noted in the report that the bar is extremely high for the company to roll out offers that will give investors exposure.
We’re trying to understand how we can look at this space through our different lenses, rather than adapting, said Matteo Andreetto, who leads the SPDR ETF business in Europe, Middle East and Africa (EMEA) for State Street. .
ETC Group recently deployed its first bitcoin ETP in Britain to Aquis, while 21Shares announced this month that it will deploy its bitcoin ETP to Aquis this summer. Both companies intend to provide investors with additional ETPs exposed to digital currencies.
The news comes as State Street rolled out its new State Street Digital division, which will build on the company’s current digital capabilities. This unit will expand to cover crypto, central bank digital currency, blockchain and tokenization, according to an announcement. Its leader, Nadine Chakar, will report to State Street COO, Lou Maiuri.
State Street has a major role to play in the evolution of digital market infrastructure, and this new division will help us bring our expertise and resources to the conversation, Chakar said in an announcement Thursday, June 10. 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 today’s industry and that of tomorrow.
State Street operates in more than 100 geographic markets around the world and employs approximately 39,000 people worldwide, according to the announcement.
This article originally appeared PYMNTS.
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