The State Street crypto boss is leaving the company a year after establishing its digital assets department.

Nadine Chakar became Head of Digital Assets in 2021, taking control of one of the largest crypto teams in traditional finance.

A State Street spokesperson confirmed his departure, adding that a permanent replacement has not yet been found.

The move is a setback for the bank at a time when competitors are working on their digital asset offerings at breakneck speed by the standards of traditional financial institutions.

Bank of New York Mellon, the world’s largest custodian bank, said on October 11 that it would begin receiving cryptocurrencies from customers, becoming the first major U.S. player to protect digital assets alongside traditional investments on the same platform.

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JPMorgan launched its blockchain arm, Onyx, in 2020, and recently said it was exploring a potential digital wallet service that would allow its users to control their digital identity across platforms.

In July, BNP Paribas Securities Services selected two crypto companies – Fireblocks and Metaco – to develop its own digital asset custody offering.

State Street, meanwhile, partnered with Barclays-backed crypto firm Copper in March to work on its own digital asset custody offering.

Chakar sees tokenization as the department’s biggest area of ​​growth. In a recent interview with Financial newsshe said the bank is getting “super gung-ho” about the process, which involves bringing existing transactions onto the blockchain.

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Chakar said about 80% of projects in the digital assets unit involve tokenization, which she says will help the bank trade “much better, faster and more efficiently over time.” It has the potential to “change everything we do,” she added.

A State Street spokesperson said FN that digital assets remained “an integral part of our overall strategic landscape”.

“We will be looking for Nadine’s replacement and in the meantime she will continue to work with our digital team over the coming months.”

Chakar did not respond to requests for comment.

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