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State Street’s crypto boss to leave amid banking’s blockchain rush

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State Street’s cryptocurrency boss is leaving the company a year after launching its digital assets division.

Nadine Chakar became Head of Digital Assets in 2021, managing one of the largest crypto teams in traditional finance.

A State Street spokesperson confirmed her departure, adding that a permanent replacement has yet to be found.

The move is a setback for banks at a time when competitors are working to deliver digital assets at breakneck speed by the standards of traditional financial institutions.

Bank of New York Mellon, the world’s largest custodian bank, announced on October 11 that it will begin accepting cryptocurrencies for customers, becoming the first major US player to do so. Protect your digital assets alongside your traditional investments on the same platform.

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JP Morgan launched its blockchain division, Onyx, in 2020 and recently said it was exploring a potential digital wallet service that would allow users to control their digital identities across platforms.

In July, BNP Paribas Securities Services selected and developed two crypto companies: Fireblock and Metaco A unique digital asset custody service.

Meanwhile, State Street partnered with Barclays-backed cryptocurrency firm Copper in March to create its own digital asset custody service.

Chakar sees tokenization as the sector’s biggest growth area.in a recent interview with financial newsshe said banks will be “super gung-ho” in the process, which involves bringing existing transactions onto the blockchain.

read Why BNY Mellons Are Stacking Into Cryptocurrencies

Chakar said about 80% of projects in the digital assets sector involve tokenization, and believes that tokenization will help banks make transactions “better, faster and more efficient.” increase. She added that it could “change everything we do.”

A State Street spokesperson said: FN Its digital assets remained “an integral part of the overall strategic landscape.”

“We are looking for a replacement for Nadine while she continues to work with our digital team over the next few months.”

Chakar did not respond to a request for comment.

To contact the author of this story with feedback or news, email Alex Daniel

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