Banking giant State Street says clients have "a high level of interest" in crypto

State Street, one of the world’s largest financial services companies, has admitted that many of their clients “have a very high level of interest” in the crypto sphere, CoinSpeaker reports. 

Jay Biancamano, managing director for digital product development and innovation at State bank spoke at the American Banker BlockFS Conference in New York on Thursday, he explained:

“There is no sense of urgency on the part of our clients to move into these assets right now. When they do, we want to meet them there. There is a very high level of interest but no need to move because currently none of our clients are looking for us to house these assets in custody.”

State Street currently handles a little over $33.12 trillion in assets under custody and has recently surpassed BNY Mellon to hold the title of the world’s largest custodian.

Other large institutions making moves into the crypto sphere include Fidelity Investments incorporating cryptocurrency as an asset class, as well as NYSE’s launch of Bakkt which has since been delayed to January 2019.