State Street Corporation, one of the oldest banks in the United States, is making waves in the cryptocurrency space with its search for a leader for its digital assets solutions team. The bank’s move to expand its presence in the digital assets arena is a significant step towards embracing the future of finance.
Despite its long history dating back to 1792, State Street’s foray into the world of digital assets is a recent development. The bank has been investing in and partnering with others to build its digital asset services, but regulatory challenges have hindered its ability to offer direct crypto custody and trading services.
The new Head of Digital Solutions role, based in either Boston or London, offers a competitive annual salary range of $225,000 to $337,500. The individual selected for this role will be tasked with driving the execution of the enterprise strategy for State Street Digital, reporting directly to the Chief Product Officer.
The ideal candidate for this role should possess a deep understanding of digital asset technology and extensive institutional experience. They will work closely with partners in the Investment Servicing leadership team to ensure effective execution and engage with clients, partners, and vendors to deliver new products and services.
In addition to a strong background in digital transformation and business change management, the Head of Digital Solutions must have knowledge of State Street’s business operations, including custody, accounting, transfer agency, payments, and data services. Familiarity with next-generation technologies such as blockchain, tokenization services, cryptocurrencies, and artificial intelligence is also essential.
State Street’s launch of its new division, State Street Digital, in 2021 underscores its commitment to embracing the industry’s transformation towards decentralized finance and a digital economy. The bank’s interest in crypto-based offerings aligns with a broader trend of traditional finance institutions showing increasing interest in digital assets.
As the financial landscape continues to evolve, State Street’s search for a leader for its digital assets solutions team signals its readiness to embrace blockchain innovation and drive forward in the digital economy.
