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State Street Works With Regulators on ‘Mega’ Crypto Custody Push

  • ‘The minute we get the nod, we’ll be ready,’ Chakar says
  • Crypto still has potential to become haven asset, Chakar says
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State Street Corp. is working with U.S. regulators to ensure it’s in position to roll out custodial services for cryptocurrencies once approved, in the latest sign of traditional finance converging with digital assets. 

The centuries-old, Boston-headquartered bank started a digital division last June, and has “mega plans” to offer digital wallet safekeeping services to clients, according to Nadine Chakar, leader of the group. The challenge is regulatory, Chakar said, pointing to State Street’s status as a Global Systemically Important Financial Institution (G-SIFI).