American custodian and banking institution State Street has declared its openness to blockchain and cryptocurrency. In a recent conference, a Managing Director for Digital Product Development and Innovation of the company, Jay Biancamano stated that they are “very involved in the [blockchain] vertical” and that they are “a blockchain-friendly firm”
He emphasized that his company keeps its lines open, especially with regards to their clients wants and needs – and one of those is an interest in cryptocurrency. As such, they are looking at it “very closely”. However, he also stated that it does not mean they are “putting a sign that [they] are opening for business”.
Biancamano made these statement during the Block|FS Conference, which was held from November 29 to November 30 in New York City. The conference “is a day-and-a-half event to learn about the technology and how financial institutions are exploring, and scaling, blockchain solutions; meet leaders in this emerging field and; understand the impact.”
Boston-based State Street is the second oldest American bank and the world’s largest custodian. Their interest in blockchain provides a much-needed nudge in the positive direction for the sector. Given the massive setback the cryptocurrency market is exeriencing, the openness of major institutions such as State Street is welcome news.