State Street, the second-oldest bank in the US, is actively seeking a leader for its digital assets solutions team.
Despite its long history dating back to 1792, State Street’s foray into the crypto space is relatively recent. While the bank has made investments and forged partnerships to develop its digital asset services in recent years, regulatory challenges have slowed its direct offering of crypto custody and trading services.
In 2021, the bank entered the institutional crypto trading sector by collaborating with the interbank trading platform Pure Digital. This collaboration involved State Street leveraging its expertise in foreign exchange technology to enhance Pure Digital’s platform.
The newly created position of Head of Digital Asset Solutions, announced by the bank on Friday, will be responsible for overseeing State Street’s digital asset strategy. The ideal candidate is expected to be an innovative thinker with extensive knowledge of digital asset technology and significant institutional experience. Reporting directly to the chief product officer, this role will work closely with State Street’s top teams across various departments, including product, technology, global delivery, and sales. Additionally, the chosen candidate will engage with clients, partners, and vendors, from conceptualizing new offerings to delivering cutting-edge digital asset services.
The position requires familiarity with State Street’s business operations, including custody, accounting, transfer agency, payments, and data services. Expertise in distributed ledger technologies, tokenization services, wallet technology, cryptocurrencies, and AI is also essential, along with a background in digital transformation and business change management.
The selected candidate will play a pivotal role in shaping State Street Digital’s overall strategy and can choose to be based in either Boston or London.
Furthermore, in 2021, State Street partnered with Lukka, a crypto asset data and software company, to provide fund administration services for crypto assets to its private fund clients. The bank plans to utilize Lukka’s suite of products, including its middle and back office data management solution tailored for blockchain and crypto assets, along with Lukka Reference Data and Lukka Prime Pricing Data.