Insiders revealed that State Street Bank has restructured its digital asset department (State Street Digital) and cut some positions. Most employees were transferred to the bank's traditional asset services and technology operations department, while some positions were eliminated. It is currently unclear how many employees were affected.
It is reported that this century-old bank headquartered in Boston launched the department in 2021. As of the end of 2023, State Street Digital will have about 100 full-time employees, and its encrypted custody services are still awaiting regulatory approval.