State Street, el mayor custodio del mundo y el segundo banco más antiguo de los Estados Unidos, está ampliando su estrategia en el espacio cripto. Ahora busca ser criptocustodio.
State Street the world’s largest custodian bank with more than USD$4.1 trillion in assets, is preparing to start offering its clients a digital currency currency is a medium of exchange that defines value. custody custody is a financial institution's legal capacity to keep and preserve financial assets for its clients to avoid asset theft or loss. service.
As reported by Bloomberg the more than 200-year-old financial institution is working with U.S. regulators to ensure it meets the requirements for deploying a cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. escrow a financial instrument where assets or cash are held by a third party while a buyer and a seller complete a deal. service . The Boston-based bank wants to make sure it is ready to launch the service once it gets approval from regulators.
The executive vice president and director of State Street Digital digital technologies are these electronic tools that have the ability to generate, store or even process data. Nadine Chakar, explained that the current challenges are regulatory. This is because the bank is a Global Systemically Important Financial Institution (G-SIFI), high level institutions whose failure could trigger major economic events. They are colloquially known as “. too big to fail “.
State Street se sumerge en Bitcoin
Custody services in traditional finance include trade settlement, exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. and clearing, as well as asset safekeeping. But in the still nascent cryptocurrency custody space, the primary function is to safeguard assets by securing so-called cryptographic keys, which, according to Chakar, requires a close refers to the closing price; similar to the same term used in stock trading. examination of the different types of digital custody options and their risk levels.
We believe that a custodian a custodian is responsible for safely holding assets for an institution or individual for a variety of purposes. bank like State Street can continue to do what it does best, which is to maintain order and security the term securities refers to a fungible and tradable financial instrument that carries a type of monetary value. in the system. . It is my personal mission to prove that elephants really can dance. .
Founded in 1792, State Street created a digital division in June last year. A month later, the bank partnered with the provider of software and cryptographic asset data Lukka para proporcionar capacidades de administración de fondos de criptomonedas a sus clientes de fondos privados.
The bank’s latest efforts to expand into the digital asset sector add to the institution’s list of initiatives to enter the sector. Chakar noted that the move by State Street to offer custody of coins as Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. is in response to growing customer demand, while representing a step into the future for the company.
“ The moment we get the go-ahead, we’ll be ready. “ said the executive. “ We are literally investing in the future. We know that customers are looking for this “, aseveró.
Increased institutional adoption will bring stability to the market an area or arena, online or offline, in which commercial dealings are conducted.
During the interview, Chakar also offered some thoughts on the current landscape of acceptance of Bitcoin .
He said banks have been surprised that in recent months cryptocurrencies have emerged as a risk asset, rather than a hedge. “ Everything we thought it was going to do, it’s not doing. “He said, referring to the argument for the use of Bitcoin as a digital form of gold and a safe haven asset against inflation.
- Bank of America says Bitcoin should be seen more as a risk asset and less as an inflation a general increase in prices and fall in the purchasing value of money. hedge
He also referred to research pointing to growth in institutional adoption and noted his conviction that such a trend will help generate a more stable price environment. para el mercado. Agregó que esta es una de las razones por la cual State Street believes his service will enjoy success once it goes live, noting that high-profile cryptocurrency investors “se sentirían tranquilos” con el hecho de que una institución del nivel de State Street les proporcione salvaguardas.
It should be noted that this product, once it comes out, will compete with others such as the BitGO or even the institutional escrow service already offered by popular cryptocurrency exchange Coinbase is an American company that operates a cryptocurrency exchange platform. .
La noticia es la última señal de convergencia entre las finanzas tradicionales y el espacio de monedas digitales. State Street is not the only U.S. banking giant that has shown an increasing interest in Bitcoin .
In recent months, the titans of Wall Street have stepped up their presence in crypto. Among them, renowned institutions such as JPMorgan , Goldman Sachs yFidelity have taken steps to start offering their clients products and services related to the new asset class.
- BlackRock, the world’s largest asset manager, plans to offer cryptocurrency trading
- BNY Mellon teams up with State Street to back new cryptocurrency trading platform a place to buy, sell and store cryptocurrency
- Wells Fargo believes crypto adoption is approaching a tipping point: “It’s still early to invest”
Article by Hannah Estefania Perez / DiarioBitcoin
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