The Boston-based bank expects to have the infrastructure available to its institutional clients by the end of this year, representing just one part of the firm’s expansion into crypto that included launching a dedicated digital division in June.
While some today might find this headline a bit “ehh whatever”, we wanted to acknowledge that this news would of been absolutely massive a year or so ago.
State Street, in case you’re wondering, has ~$44 trillion in assets under custody and administration. Despite the lack of clamor, it’s announcements like these that end up having resounding impacts on global BTC adoption in the long run.
“Today we’re talking custody, but sky’s the limit.” – Nadine Chakar, head of State Street Digital
Now, what else is flying under the radar? In a recent filing, we learned that Morgan Stanley held more than 13 million shares of Grayscale Investments’ Bitcoin Trust (GBTC) in 17 different portfolios at the end of 2021. Who knows how much they have now… The answer to the question “why is this stuff not talked about more?” is beyond us.