US Bank State Street Eyes Blockchain Innovation With New Head of Digital Solutions

State Street Corporation, one of the oldest banks in the United States, is actively searching for a leader for its digital assets solutions team. This move signifies the bank’s serious commitment to expanding its presence in the cryptocurrency space.

The new Head of Digital Solutions role, based in Boston or London, offers an annual salary of $225,000 to $337,500.

State Street Continues Expanding Into Tokenization and Blockchain Sectors

Despite its rich history dating back to 1792, State Street’s journey into the digital assets arena is a recent development. The bank has invested in and partnered with others to build its digital asset services over the past few years. However, regulatory challenges have slowed its ability to directly offer crypto custody and trading services.

The State Street Corporation outlines the role of the Head of Digital Solutions as a strategic and creative thought leader. This individual should have a deep understanding of digital asset technology and extensive institutional experience.

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“The Head of Digital Solutions will be responsible for driving the execution of the enterprise strategy for State Street Digital,” the job description from eFinancialCareers mentioned.

The role requires reporting directly to the Chief Product Officer. Additionally, the new hire will work closely with partners in the Investment Servicing leadership team to ensure effective execution. They will engage with State Street’s clients, partners, and vendors, from the conception of new products to the delivery of services.

A strong background in digital transformation and business change management is essential for this role. This position requires knowledge of State Street’s business operations, especially in areas like custody, accounting, transfer agency, payments, and data services.

Additionally, a broad understanding of next-generation technologies, including distributed ledger technologies (blockchain), tokenization services, wallet technology, cryptocurrencies, and artificial intelligence (AI), is necessary.

The Head of Digital Solutions will be responsible for several key tasks. These include driving State Street Digital’s overall strategy, reviewing and implementing an effective product management governance framework, and establishing a commercial model for Tokenization as a Service.

They will also oversee a team of digital specialists to develop sustainable, scalable operational solutions and client service delivery models.

The education and experience requirements for the role include 15-20 years in financial services. The role demands proven change management abilities, a significant understanding of relevant enterprise financial technology solutions, and experience developing and going to market with digital products and services. An MBA or advanced degree is preferred.

In 2021, State Street launched its new division, State Street Digital, aiming to expand into cryptocurrencies, tokenization, central bank digital currencies (CBDCs), and blockchain technology.

“The world of finance is changing. We are ready. Our new division, State Street Digital, will focus on addressing the industry’s transformation to decentralized finance and a digital economy,” State Street announced.

State Street is not alone in its interest in crypto-based offerings. Recently, traditional finance institutions have shown increasing interest in crypto exposure.

For instance, JPMorgan revealed substantial Bitcoin exchange-traded fund (ETF) holdings. This highlights the growing institutional interest in digital assets despite market volatility.

Read more: How To Trade a Bitcoin ETF: A Step-by-Step Approach

Similarly, European bank – BNP Paribas has acquired significant exposure to Bitcoin through BlackRock’s iShares Bitcoin Trust ETF.