Managing director of digital product and development Jay Biancamano was interviews on Monday with The Block and said:
“For us it’s more of a future play to look at how this market is going to evolve, and if we went back two years ago obviously the conversation was all Bitcoin,”
Mr Biancamano has long been a fan of the cryptocurrency space and thinks it could be big in the future and he believes at some point all assets will be traded on Blockchain.
“You know we’re intensely led by our clients, and our clients right now, the ones we deal with, are not investing in cryptocurrencies for a number of reasons. Obviously regulation has to do with it and custody is one piece of it,” he said.
So it seems like a hedge. If and when digital assets become more mainstream State Street want to be ready. They are already looking at blockchain solutions and are interested in certain cryptocurrencies, digital assets and securitized assets. Some tokens, such as utility tokens are still out of scope for now.
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