Banking Giant State Street Ready To Offer Cryptocurrency Custody
The State Street’s managing director for digital product development and innovation, Jay Biancamano, stated that there is “a high level of interest but no need to move because currently none of our clients are looking for us to house these assets in custody,” CoinDesk reports.
Coinbase and BitGo, who joined State Street on the Block FS custody panel, have gained qualified custodian licenses. Meanwhile, in the traditional custody world, Northern Trust and Japanese bank Nomura are known to be working on digital asset custody solutions.
On the subject of how regulation will coalesce around custody solutions for crypto assets, Biancamano said the SEC has been engaging traditional providers to better understand the current state-of-play, which he called “refreshing”.
It is noteworthy that last year, State Street joined five of the world’s biggest banks have in a UBS project to create a new form of digital cash for clearing and settling financial transactions over blockchain.