State Street Corporation, the second-oldest continuously operating bank in the U.S. and a multi-trillion dollar asset manager has become the latest financial institution to commit to a division that would focus on cryptocurrency, blockchain technology, and central bank digital currencies.
State Street Corporation Announcement
”Digital assets are quickly becoming integrated into the existing framework of financial services, and it’s critical we have the tools in place to provide our clients with solutions for both their traditional investment needs as well as their increased digital needs,” said Ron O’Hanley, CEO of State Street.
This is another example of financial institutions jumping onto the Bitcoin bandwagon and a rising belief in the potential of the asset.
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El Salvador Adopts BTC As Legal Tender
In a major boost to cryptocurrency adoption, El Salvador became the first country to adopt BTC as legal tender on June 9. President Nayib Bukele’s ‘Bitcoin Law’ was passed by the Salvadoran Legislative Assembly with a supermajority. The law will go into effect immediately with a 90-day timeframe allowed for the corresponding infrastructure to be put in place.
”The purpose of this law is to regulate Bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,” the bill read. Is this the start of a new era?