Bitcoin (BTC-USD) is tearing higher today, crossing $40,000 again on heavy volume. What is driving this move? Financial services company State Street (NYSE:STT) is taking a leap into the crypto realm this week. Given regulatory approval, experts say the State Street crypto plan will be huge for BTC.
Late in 2021, State Street began taking a deep look into institutional crypto investing. The bank conducted a poll of institutional investors, and found that 80% were allowed to have some sort of digital currency exposure. The poll offers insight into the breakneck speed at which financial firms and banks are involving themselves in crypto.
The influence these institutions have on the market is quite obvious; they bring massive exposure to the space, flood it with capital, and tame volatility. And now, after surveying industry leaders, State Street is preparing its own foray into the crypto market.
State Street Crypto Plan Shows Wall Street’s Interest
State Street is getting ready to roll out its own suite of crypto services, and it’s doing so in a big way. The bank is working with U.S. regulators to ensure that the “mega” State Street crypto plan launches smoothly.
Nadine Chakar, the leader of State Street’s crypto group, recently talked with Bloomberg on the incoming service launch. Chakar says the company is planning various custodial services for those interested in crypto investing. As soon as the company gets approval from regulators, it will be launching the services.
The launch is a big payoff to a year spent carefully planning State Street’s entrance into the crypto world. The company first launched its crypto group back in July 2021. It did not begin reporting on crypto research until late last year, months after the group formed.
Unfortunately, Chakar did not deliver much in the way of details on the new custodial services. However, the company holds a high status as one of the oldest and most renowned banks in the world. As such, there’s a lot of excitement that it is getting further involved in the digital asset space.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.