As firms such as ETC Group and 21Shares launch, or plan to launch, bitcoin exchange-traded products (ETPs), State Street’s exchange-traded funds business is mulling how it can harness increasing client demand for digital currencies like bitcoin, Financial News reported.
A State Street official noted in the report that the bar is “extremely high” for the company to roll out offerings that will give investors exposure.
“We are trying to figure out how we can look at this space through our various lenses, rather than adapt ourselves,” said Matteo Andreetto, who leads the SPDR ETF business across Europe, the Middle East and Africa (EMEA) for State Street.
ETC Group recently rolled out its inaugural bitcoin ETP in Great Britain on Aquis, while 21Shares said this month that it will roll out its bitcoin ETP on Aquis in the summer. Both firms intend to provide investors with additional digital currency-exposed ETPs.
The news comes as State Street has rolled out its new State Street Digital division, which will build on the company’s current digital capabilities. That unit will grow to cover “crypto, central bank digital currency, blockchain and tokenization,” according to an announcement. Its leader, Nadine Chakar, will report to State Street COO Lou Maiuri.
“State Street has a major role to play in the evolution of digital market infrastructure, and this new division will help us bring our expertise and resources to the conversation,” Chakar said in a Thursday (June 10) announcement. “As digital currencies and tokenization not only gain momentum, but transform financial infrastructure and operating models, we can help our clients bridge the gap between the industry of today and the one of tomorrow.”
State Street operates in over 100 geographic markets throughout the world and employs roughly 39,000 people globally, according to the announcement.
This article originally appeared PYMNTS.
