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IPFS News Link • Bitcoin

State Street Unveils New Crypto Business In Wake Of New Global Regulations

• Zero Hedge - Tyler Durden

With several global megabanks, including Citigroup, Goldman Sachs and JPMorgan, already announcing plans to launch their own cryptocurrency-focused trading desks or investment products, on Thursday, hours after reports about the Basel Committee's new proposal for how much capital banks must hold in reserve to offset the high risk associated with holding cryptocurrencies, CoinDesk reported that State Street has launched its own crypto division to be led by EVP Nadine Chakar.

According to CoinDesk, State Street said it's expanding its digital platform to include crypto, central bank digital currency, blockchain and tokenization (setting it up as one more potential asset) and will upgrade its existing GlobalLink platform into a multi-asset digital trading system. Chakar will report to Lou Maiuri, the bank's chief operating officer, State Street said in a press release Thursday.