State Street Vets Net $5 Million for Crypto Startup
Three former State Streeters have raised $5 million to build a platform for the next wave of institutional investors wanting access to crypto assets.
Moiz Kohari, State Street's global chief technology architect, has left to build a new data privacy startup.
Elaine Sun Ye Lin, former head of compliance for the Chinese branch of global bank State Street, has joined Huobi as compliance director.
The majority of asset managers that bank with State Street are interested in digital assets, but none have asked the global custodian to store them yet.
State Street bank says there's no sense of urgency yet from clients for it to move into safeguarding crypto assets.
The global custody bank's tech and product teams are keen to transform securities lending into a peer-to-peer market, but not all are on board.