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State Street: Institutional investors unfazed by crypto winter

 


Institutional investors are unimpressed by the current crypto winter and remain interested in blockchain and digital assets, according to the major bank State Street.


Speaking to Australian news outlet Sydney Morning Herald (SMH) on Sunday , Irfan Ahmad, head of Asia-Pacific crypto unit State Street Digital , stressed that the firm's institutional clients continued to invest in the sector despite extreme volatility in June and July would have:


"During the June and July period, which was a really hot period, we saw that institutional clients weren't necessarily investing more, but they weren't deterred from making strategic bets on the asset class."

In May, three crypto exchange-traded funds (ETFs) launched by Cosmos Asset Management and 21Shares on Australia's Cboe Stock Exchange . Asset manager Monochrome also recently received approval to launch its first crypto spot ETF in August. 


State Street is the fund manager for the Cosmos Purpose Bitcoin Access ETF. Ahmad told SMH that more crypto products would be launched in Australia in the "very near future", but did not give specific names.


"Our customers talk to us in a very pragmatic way about how they can bring products to market or what opportunities we have in the future to help them bring those products to market," he explained.


Meanwhile, the Australian Securities Exchange (ASX) and Australian banking giants like ANZ and NAB have primarily focused on stablecoins and the tokenization of traditional assets rather than crypto investing specifically.


The Commonwealth Bank briefly had a crypto trading offering, which was indefinitely suspended in May due to regulatory uncertainties .


Other well-known institutions such as BlackRock have also invested heavily in cryptocurrencies recently. Last month, the wealth manager partnered with Coinbase to enable institutional clients to invest directly in cryptocurrencies . The company has also launched a private Bitcoin ( BTC ) trust.


Global investment bank Citigroup in August hired two key executives for the firm's Treasury and Trade Solutions (TTS) division to oversee its institutional crypto offerings.


Rugg was appointed global head of digital assets at TTS, while Cunningham came on board as a director and strategic partner for digital asset development at the company.


Since September 7th, the Swiss digital banking platform SEBA Bank has been offering an institutional Ether ( ETH ) staking service to meet the growing demand in the run-up to the merger.

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