Tokenization remains a top priority for the future of banking as institutions continue to show interest in the crypto space, said Nicole Olson, vice president of digital product development and innovation at State Street.
For example, the use of distributed ledger technology to tokenize funds and private assets to increase efficiency and accessibility is the company’s work in 2023.
Olson said State Street Digital intends to offer the ability to host some blue-chip crypto assets, such as bitcoin and ether, by the end of the year, before launching others.
“Tokenization is exciting to me because there is a great opportunity for State Street and clients to get involved, it broadly adds digital technologies to those more traditional assets and brings them with them,” said Nicole Olson. into the future.
State Street had $42.6 trillion in assets under custody and management as of June 30, and its asset management division had about $3.9 trillion in assets under management.