Veteran US Bank State Street Opens Search for Digital Assets Head

CryptoNews.com

2024-05-19 22:48:23

Shalini Nagarajan

Last updated:

May 20, 2024 02:48 EDT | 1 min read

State Street, the second-oldest bank in the US, is actively searching for a leader for its digital assets solutions team.

Despite its rich history stretching back to 1792, State Street’s entrance into the crypto space is relatively recent. While the bank has invested and partnered with others to build its digital asset services in the last few years, regulations remain a hurdle, slowing down its ability to directly offer crypto custody and trading services.

In 2021, the bank leaped into the institutional crypto trading arena by partnering with interbank trading platform Pure Digital. This partnership involved State Street lending its expertise in foreign exchange technology to power Pure Digital’s platform.

State Street’s New Leader Will Oversee Digital Asset Strategy

On Friday, the bank announced a job opening for a Head of Digital Asset Solutions. It seeks an innovative thinker with comprehensive knowledge of digital asset technology and substantial institutional expertise.

This role reports directly to the chief product officer. They will collaborate extensively with State Street’s top teams across product, technology, global delivery, and sales. Additionally, they will engage closely with clients, partners, and vendors. This involvement spans from brainstorming new offerings to delivering state-of-the-art digital asset services.

The position demands familiarity with State Street’s business operations. This includes custody, accounting, transfer agency, payments, and data services. It also necessitates a comprehension of next-generation technologies.

Areas of expertise include distributed ledger technologies, tokenization services, wallet technology, cryptocurrencies, and AI. Additionally, the job ad specifies a background in digital transformation and business change management.

The chosen candidate will be the driving force behind State Street Digital’s overall strategy. The position can be based in either Boston or London.

Bank Leverages Lukka’s Tech for Crypto Fund Management

In 2021, State Street teamed up with Lukka, a crypto asset data and software company to offer fund administration services for crypto assets to its private fund clients.

State Street said it would put Lukka’s suite of products to use, including its middle and back office data management solution specifically designed for blockchain and crypto assets, along with Lukka Reference Data and Lukka Prime Pricing Data.

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