State Street Corporation (NYSE:STT) today announced that it has launched a new division focused on addressing the industry’s evolving shift to digital finance.
The new division, State Street Digital, will be led by Nadine Chakar, three-decade industry veteran and executive vice president. Chakar will report to Lou Maiuri, chief operating officer of State Street Corporation.
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. State Street’s proprietary GlobalLink technology platform will be an integral component of State Street Digital and will be enhanced into a digital multi-asset platform.
The objective is to evolve the platform into a multi-asset platform to support crypto assets among other asset classes. The aim will also be to support our peer-to-peer ambitions by creating new liquidity venues for our clients and investors worldwide.
Today’s announcement builds on State Street’s long history of innovation and strong foundation within the digital servicing space. In 2019, the company launched State Street AlphaSM, a front-to-back offering based on the principles of openness and interoperability.
In April of this year, State Street announced that it was appointed as the administrator of a planned bitcoin backed exchange traded note (ETN) initiated by Iconic Funds BTC ETN GmbH, a subsidiary of Iconic Funds GmbH. The ETN will be listed on the Frankfurt Stock Exchange, following the approval by the German Securities Regulator (BaFin).
Tony Bisegna, global head of portfolio solutions, FX sales and trading, and research for State Street Global Markets, will become head of Global Markets effective September 1, 2021. Bisegna’s appointment is part of State Street’s ongoing succession planning.