State Street, one of the largest asset management companies and the 2nd largest custodian bank in the world, is seeing a high level of interest in digital assets. However, despite the initial interest, there is no sense of urgency from clients at the moment. Speaking at a conference on Thursday, Jay Biancamano, State Street’s managing director of Digital Product Development and Innovation, said: "none of our clients are looking for us to house these assets in custody."
Despite the lack of urgency, Biancamano continued: “We do talk to our clients who are interested in doing this, and we are looking at this very closely. But we are not putting a sign that we are opening for business. That said, we are a blockchain-friendly firm; we are very involved in the vertical.”
In addition to cryptocurreny custody solutions, State Street is also looking to a future markeplace of tokenized and digitized traditional assets. Biancamano said that when clients are ready for solutions in that area, State Street will be ready. He indicated that the SEC has been actively working with traditional custody providers to ensure there is regulatory clarity, an approach that Biancamano called "refreshing." (Source: CoinDesk)