US custodian bank State Street is in the process of setting up a digital unit to help clients trade crypto.
Customer curiosity in crypto increased by 300%
State Street is one of the major custodian banks in the United States, managing $40 in assets. The bank’s head Nadine Chakker had commented on how growing financial pressures on businesses had led the bank to adopt cryptocurrency trading as an active asset management tool. The decision was taken to help clients trade crypto assets with ease and simplicity.
Nadine Chakker had further highlighted how growing customer curiosity in crypto has increased by 300%. This factor contributed significantly to their decision to adopt crypto transactions as a fair trade agreement.
This digital switch by State Street Bank comes after a similar move by its competitors. Bank of New York Mellon, Standard Chartered and Northern Trust have all taken the same actions for their costumers.
Many clients are excited regarding crypto ETF’s
Custodian banks often earn revenue by providing back-office services that include record keeping and trading accounts for potential fund managers. State Street had managed to generate $40.3 tons under its influence by the end of March, with $3.6 earmarked for managing its own fund.
State Street is currently awaiting approval from the Securities and Exchange Commission, to have its proposal listed as a legitimate crypto financial trade in the US. Chakker had also said in an interview that many clients are excited regarding crypto ETFs, but also acknowledges the fact that SEC could take significant time in accepting their pending applications along with other banks like VanEck.