Head of State Street Global Markets
As cryptocurrencies have become an increasingly mainstream investment for customers, Nadine Chakar, the head of State Street Global Markets, has put her team to task in developing a portfolio of digital asset offerings that will position the custody bank as a top fund administrator within the cryptocurrency market.
It may seem ironic for a large custody bank like State Street to be getting involved in cryptocurrency — a hallmark of the so-called decentralized finance movement, which questions the need for big institutional gatekeepers. Given a lack of regulatory clarity and high volatility, most banks have steered clear of crypto markets.
But Chakar, who is responsible for the Boston-based bank’s digital strategy, said that while crypto and decentralized finance will likely not replace the traditional systems of banking and finance, the industry needs to get ahead of the curve.
“Financial institutions like State Street are at a crossroads and must embrace the ‘new world’ and adapt its business model in order to thrive in the digital world of tomorrow,” she said.
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Chakar oversees almost 2,000 employees across a wide range of services and practices, including trading, financing, liquidity management and research through State Street Associates. And these divisions are big players in their fields — the capital markets division handles a staggering 6% of the world’s foreign exchange volume.
Chakar also uses her position and influence to drive State Street’s social and community initiatives. She serves as the executive sponsor for the Sustainability Employee Network, an internal group dedicated to raising awareness about how to protect the environment. In addition, she is active in State Street’s Leading Women Group, where she provides mentorship for female employees across the company.
