Subscribe To Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022
    Facebook Twitter Pinterest LinkedIn
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Bitcoin
    • NewsWire
      1. Latest News
      2. Top Stories
      3. Features
      4. What’s Hot
      5. Must Read
      6. Trending
      7. Spotlight
      8. Editors’ Picks
      9. View All

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      El Salvador’s Companies Barely Bother With Bitcoin

      March 19, 2022

      New Jersey legislation aims to prevent public officials from being gifted NFTs

      March 18, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Crypto’s Preferred Currency for Political Donations Isn’t Bitcoin. It’s Dollars

      March 19, 2022

      Meta Sued by Australian Watchdog Over Scam Crypto Advertisements

      March 18, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022

      Wall Street Reluctantly Embraces Crypto

      May 1, 2022

      Warren bill draws outcry over broad terms, but seems unlikely to pass

      March 20, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Russia-Ukraine War Is Bringing Out the Good, Bad, & Ugly of Cryptocurrencies

      March 18, 2022

      The ‘world’s most advanced’ digital human wants you to buy her NFT art

      March 15, 2022

      FTX crypto exchange wins license in Dubai to open regional headquarters

      March 15, 2022

      Crypto Startup Founded by Ex-Meta Employees Raises $200 Million

      March 16, 2022

      U.K. Crime Agency Wants to Regulate Crypto Transaction Mixers

      March 15, 2022

      A Wall Street Quant Turns His Crypto Firm Into a Unicorn

      March 14, 2022

      Standard Chartered’s crypto custodian to help clients earn yield on token holdings

      March 14, 2022

      Man passing as UN affiliate convicted for crypto scheme

      March 18, 2022

      The Future of Crypto Is Boring — and Bright

      March 15, 2022

      Investors turn to crypto funds, companies as Russia-Ukraine crisis escalates

      March 15, 2022

      Binance Wins Crypto Licenses From Dubai, Bahrain

      March 15, 2022

      Why Bitcoin’s Environmental Problems Are So Hard to Fix

      March 16, 2022

      Americans Want Crypto From Their Banks

      March 15, 2022

      Why Decentralized Exchanges Are Important in the Crypto Economy

      March 10, 2022

      Binance plots M&A spree as regulators scrutinize crypto trading unit

      March 10, 2022

      Amid New Executive Order, White House Director Sheds Light On Crypto Policy

      March 16, 2022

      Bitcoin Evangelist Saylor Tells Economists Why They’re Wrong

      March 15, 2022

      Crypto Mania in Texas Risks New Costs and Strains on Shaky Grid

      March 15, 2022

      Bitcoin’s scared of commitment, Mr. Biden

      March 15, 2022

      Coinbase Fixing Problem That Halted Payments From US Banks

      October 9, 2022

      Binance May Spend Over $1 Billion This Year on Deals, CZ Says

      October 9, 2022

      Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

      May 1, 2022

      Two Senators propose crypto legislation for tax exemption on capital gains

      May 1, 2022
    • Altcoins
      • Ethereum
      • XRP-Ripple
      • Solana
      • Dogecoin
      • Cardano
      • Shiba Inu
    • Topics
      • Cryptocurrencies
      • Investments
      • Markets
      • NFTs
      • DeFi
      • ETFs
      • DAOs
      • Crypto Regulation
      • Metaverse
      • Blockchain & Web3
      • Blockchain Gaming
      • Crypto Exchanges
      • Crypto Mining
      • Stablecoins
      • Cybersecurity
      • Digital Currencies – CBDC
      • Crypto Book Reviews
      • Technology
      • Internet of Things
    • Opinions
    • Explainers
    • Press Releases

      Former Uber LatAm Head of Policy Leads Crypto Ride-Hailer Drife Toward Planned Global Expansion

      March 7, 2022

      European index provider for crypto assets Vinter raises $3.4m funding

      February 22, 2022

      PR – British crypto processor brings in $60 million for expansion in Europe

      January 25, 2022

      PR – CoinMENA obtains 2nd crypt0 license from European Union

      January 25, 2022

      NFT investment specialist looks to acquire Pluto Digital for £96m

      January 24, 2022
    RareHippo – Crypto, Bitcoin, Blockchain News & Views
    Home»Crypto Regulation»State Street Works With Regulators on ‘Mega’ Crypto Custody Push
    Crypto Regulation

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

    By Crystal Kim
    February 25, 2022By Bloomberg3 Mins ReadNo Comments
    Facebook Twitter LinkedIn Pinterest Reddit WhatsApp Email Tumblr VKontakte Telegram
    Share
    Facebook Twitter Pinterest Reddit WhatsApp Email LinkedIn Tumblr Telegram

    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.

    Donate to RareHippo Now!

    The challenge is regulatory, Chakar said, pointing to State Street’s status as a Global Systemically Important Financial Institution (G-SIFI).

    “The minute we get the nod, we’ll be ready,” Chakar said in an interview with Bloomberg journalists on Thursday. “We’re literally investing in the future,” she said. “We know clients are out there looking for this.” 

    Custodial services in traditional finance include trade settlement, exchange, clearing as well as safekeeping assets. But in the still-nascent digital-asset custodial space, the primary role is safekeeping assets by securing so-called keys, which Chakar says requires a close examination of the different types of digital custody options and their levels of risk. 

    Cryptocurrencies soar and crash as speculators keep rein
     Bloomberg

    State Street in June set up its digital division, and also last year rolled out crypto reporting, reconciliation and processing services to private fund clients. The bank’s custodial plans for digital assets, however, would take aim at crypto-native shops like that of Coinbase Custody and BitGo. 

    “We think a custodian bank like State Street can continue to do what it’s best at, which is keeping order and safety into the system. But we’ll do it differently,” Chakar said. “It’s my personal mission to prove that elephants can truly dance,” she said, referring to State Street’s size.

    With $43.7 trillion in assets under custody and administration and $4.1 trillion in assets under management at the end of December, State Street is among the big Wall Street firms stepping up its presence in crypto, alongside banks including JPMorgan Chase & Co., Goldman Sachs Group Inc., and a unit of Fidelity Investments that have started offering various crypto services in recent years. 

    Chakar also said that she, along with many in the industry, has been surprised that in recent months cryptocurrencies have emerged as a risk asset, rather than a haven. “Everything we thought it was going to do, it isn’t,” she said, referring to cryptocurrencies being like a digital form of gold and a hedge against inflation.

    Research still shows that there is “great adoption” by institutional investors, and with allocation increasing to the asset class, it will hopefully be less volatile over time, she said. Adoption will become much larger when clients can “take comfort” that the world’s largest custodian — State Street — is safeguarding the holdings, she said.

    Read full story on Bitcoin Magazine

    Crypto Regulation
    Previous ArticleSenior commodity strategist says this is a ‘defining moment’ in history to buy Bitcoin
    Next Article Bitcoin Donations To Ukrainian Army Surpass $4 Million

    Related Posts

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 20221 Min Read

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 20223 Mins Read

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 20224 Mins Read

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 20225 Mins Read

    Wall Street Reluctantly Embraces Crypto

    May 1, 20225 Mins Read

    Warren bill draws outcry over broad terms, but seems unlikely to pass

    March 20, 20225 Mins Read
    Add A Comment

    Leave A Reply Cancel Reply

    Donate to RareHippo Now!
    Latest News

    Coinbase Fixing Problem That Halted Payments From US Banks

    October 9, 2022

    Binance May Spend Over $1 Billion This Year on Deals, CZ Says

    October 9, 2022

    Crypto Real Estate Is Here – Bitcoin Mortgages Are Just The Beginning

    May 1, 2022

    Two Senators propose crypto legislation for tax exemption on capital gains

    May 1, 2022

    Wall Street Reluctantly Embraces Crypto

    May 1, 2022
    Follow US & Win Prizes
    • Facebook
    • Twitter
    • LinkedIn
    • Pinterest
    Don't Miss
    Bitcoin

    Ethereum Outperforms Bitcoin by the Most Since Its Inception

    November 30, 20213 Mins Read

    Ether is outperforming Bitcoin by the greatest amount this year since the native token of…

    Billionaire Ray Dalio wants to mint an NFT just to experience what it’s like

    December 30, 2021

    Bitcoin company NYDIG valued at $7 bln after latest fund raising

    December 14, 2021

    In Huge Precedent, IRS Says It Will Not Tax Unsold, Staked Crypto

    February 3, 2022

    Subscribe to Our Newsletter

    Get the latest crypto news right into your email box. No spamming. We hate it too. Only pertinent news you need to know

    Crypto news & Views
    Facebook Twitter Pinterest LinkedIn
    • Home
    • Privacy Policy
    • About Us
    • Donate to RareHippo
    • Get In Touch
    • NewsWire
    © 2023 RareHippo. Powered by 8 Dimensions

    The content of this website is for informational purposes only and is not intended as a substitute for investment or financial advice.

    Type above and press Enter to search. Press Esc to cancel.