State Street exec explains why stocks won't be tokenized anytime soon

Episode 8 of Season 2 of The Scoop was recorded at The Block offices with Frank Chaparro and Jay Biancamano, Managing Director at State Street. Listen below, and subscribe to The Scoop on AppleSpotifyGoogle PlayStitcher, or wherever you listen to podcasts. Email feedback and revision requests to [email protected]

Leading the crypto charge at custodian bank giant State Street is Jay Biancamano, managing Director of digital product development and innovation at the firm.

Its most notable foray to date: a partnership with crypto exchange Gemini on trade reporting. And the bank has previously indicated that it is working on a series of proofs-of-concept related to the technology.

Biancamano's finger is on the pulse of all things market structure, having worked at trading technology firms like ITG, Liquidnet, and Fidessa.

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Thus, he has seen the shift to electronic trading take place in U.S. equities. In this episode of The Scoop, Biancamano and The Block's Frank Chaparro explore how the digitization of assets will transform the trading landscape.

In this episode, we look at:

  • State Street's partnership with Gemini
  • The five key trends to watch as markets shift from electronic to digital
  • The relevance of the Morgan Stanley/E*Trade deal to the crypto market
  • Why stocks won't be tokenized as soon as some pundits might think. 

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].