State Street, the second oldest U.S. bank at 226 years old and the world’s largest custodian with management of over $33 trillion, acknowledges that their clients are very interested in the cryptocurrency markets.
On November 29, 2018 during the American Banker “Block|FS“ conference in New York City, Jay Biancamano, the managing director for digital products design and innovation of digital assets spoke on a panel called “Crypto Custody: The Key to Unlocking Institutional Capital.”
During the panel, Biancamano stated that State Street speaks with their clients regularly and acknowledges their interests.
He then mentioned that among State Street clients there is “a very high level of interest” in cryptoassets. While State Street listens to their clients to appease their interests, Biancamano said among their clients, there is no sense of urgency to move into these assets right now.
Therefore, the banking giant will not build a crypto custody solution or acquire a…