State Street is Rebuilding Digital Assets Team, Signaling Optimism About Crypto

Boston-based bank State Street Corp. is once again hiring for its digital-assets division, which plans to offer crypto custody service, less than six months after cutting jobs in the department. The move reflects growing confidence that crypto and tokenized assets will become more integrated into the financial system.

The bank is pressing ahead with the plan despite U.S. President Joe Biden’s late Friday veto of a bill last week that would have made it easier for banks to hold crypto assets. The bank’s decision to go ahead with the hiring reflects the long lead time it takes to build a digital assets service, and the expectation in the industry that the regulatory environment will improve in the future. Donald Trump, who as the presumptive Republican nominee for president will likely go head to head with Biden in November, has expressed support for the crypto sector.