State Street: Crypto Winter Didn't Scare Institutional Investors
Institutional investors have maintained interest in blockchain and cryptocurrencies despite the bear market. This was stated in an interview with the Sydney Morning Herald by Irfan Ahmad, head of the digital division of State Street Bank in the Asia-Pacific region.
According to him, the volatility in June-July did not scare away clients - they made strategic bets on the asset class itself. This suggests that it "isn't going anywhere," Ahmad added.
The top manager also announced State Street's plans to launch new crypto products in the Asia-Pacific region, including Australia. He did not disclose details.
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Irfan Ahmad, This suggests that he "isn't going anywhere,
State Street is an American holding company engaged in depository and investment activities. The second oldest operating bank in the United States. The headquarters is located in Boston, the capital of Massachusetts. The main component of the company, State Street Bank, is one of the 29 Global Systemically Important Banks (G-SIB), and is also part of the Federal Reserve System. Subsidiary of State Street Global Advisors was ranked 3rd among the 500 largest investment companies in the world in 2015 by assets under management ($2.245 trillion)
In late 2020, State Street and financial giant S&P Global led a $15 million funding round for crypto data provider Lukka.
The bank later announced the launch of a Pure Digital platform for financial institutions and a division focused on DeFi and cryptocurrencies.
Recall that in the fall of 2021, top managers of Fidelity, UBS and State Street expressed their interest in funds based on digital assets and did not rule out the appearance of such products.