DTCC holds $114 trillion in assets. On July 15th, it showed the world how those assets can be converted into digital tokens, traded in real production conditions, and converted back — without disrupting anything. Nadine Chakar joins The Defiant to explain the digital twin model, why they chose Besu and Canton, what the Russell 1000 SEC authorization covers, and what realistic demand will look like at October's launch. She also confronts the big philosophical question: did blockchain disrupt Wall Street, or did Wall Street absorb blockchain? The answer might surprise you.Explore The Defiant ✨📰 Websitehttps://thedefiant.io/✉️ Free Daily Newsletter https://thedefiant.io/newsletter/defi...🤑 Weekly Premium Newsletter https://thedefiant.io/newsletter/defi...✊ Follow The DefiantX/Twitter: https://x.com/DefiantNews📬 Contact our Newsroomeditorial@thedefiant.io🤝 Sponsorships & Partnershipssponsors@thedefiant.io#TheDefiant #DeFi #Decentralized #Finance #Blockchain #Web3
State Street made headlines last month, announcing a brand new division covering crypto, digital assets, and tokenization.
State Street VP and Head of Global Markets, Nadine Chakar, is leading that charge. Despite the recent price slump in crypto-assets, interest has not abated, she noted in an interview for the latest episode of The Scoop:
“The price depreciation has not impacted demand and interest at all. I think we're still seeing a lot of people enthusiastically embracing digital in general, crypto in certain cases. And there's not a day that goes by that you don't see some large hedge fund or some large investor, you know, outlining their support for digital.”
To meet that demand, State Street is working with clients on developing solutions that help them allocate to bitcoin and other crypto-assets. It is also a partner to several fund managers looking to offer exchange-traded funds–although, it’s not clear when financial regulators will approve such a product.
Still, Chakar said the bank isn’t ready to dive into the market with a custody offering:
“We're not going to rush into this unless we can feel very comfortable that we could support the new digital assets with the same rigor that we support the old ones where we're going to continue to work on fine-tuning our models.”
Chakar also does not believe that a decentralized banking ecosystem will be built to replace banks or traditional finance institutions. Chakar mentioned pensions plans as an example of a traditional finance structure that DeFi may not be able to execute on. Though it's not an impossibility one day, she noted:
“I hate to disappoint people that think the banks are just going to up and disappear and be totally replaced by blockchain.”
Nadine sees the balance between the integration of DeFi traditional finance as that “sweet spot” but sees the industry as still at a starting point.
Episode 42 of Season 3 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Nadine Chakar, Head of State Street Digital at State Street.
Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com.
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State Street, one of the largest custody banks in the world, has yet to launch a service to store crypto assets but that doesn't mean it is actively involved in the digital asset market. Leading the charge is Jay Biancamano, Managing Director of digital product development and innovation at the firm.
Biancamano has had his finger on the pulse of all things market structure, having previously worked at trading technology firms like ITG, Liquidnet, and Fidessa. So he has seen the shift to electronic trading take place in U.S. equities. On this episode of The Scoop, Biancamano and The Block's Frank Chaparro explore how the digitization of assets will transform the trading landscape. In this episode we look at
State Street's partnership with Gemini on cryptocurrency trade reporting
The five key trends to watch has markets shift from electronic to digital
The relevance of the Morgan Stanley/E*Trade deal to the crypto market
Why stocks aren't going to tokenize as soon as some pundits might think
Episode 8 of Season 2 of The Scoop was recorded at The Block offices with Frank Chaparro and Jay Biancamano, Managing Director at State Street. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Play, Stitcher, or wherever you listen to podcasts. Email feedback and revision requests to podcast@theblockcrypto.com
State Street, one of the largest custody banks in the world is yet to launch a service to store crypto assets but that doesn't mean the Boston based firm isn't making waves when it comes to digital assets. On this episode of The Scoop we spoke to Jay Biancamano, managing director of digital product development and innovation at the firm about the opportunity State Street sees in the market. The 25 year plus financial services veteran also shared stories about his time in the US equity market structure, explained why the firm isn't in the bitcoin custody business yet and how block chain can make multi-asset trading finally a reality. I hope you enjoy the episode