Irfan Ahmad, head of State Street Bank's digital division in the Asia-Pacific region, has said in an interview with the Sydney Morning Herald that institutional investors have maintained their interest in blockchain and cryptocurrencies despite the bear market.
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According to him, the volatility in June-July has not spooked clients, but rather they have made strategic bets on the asset class itself, suggesting "they are not going anywhere."
He has also announced that State Street intends to launch new crypto-based products in the Asia-Pacific region, including Australia.
State Street is the second oldest bank in the United States. It launched a digital asset pilot in 2019 in partnership with crypto exchange Gemini.