Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
State Street managing director Jay Biancamano oversees tokenization and blockchain products at the firm.
For six years, Biancamano has been creating pathways toward the world of cryptocurrencies, digital assets, blockchain, and distributed ledger technology.
Witness Biancamano and other experts speak about tokenization at Benzinga’s Fintech Deal Day & Awards. Join Benzinga's Future of Digital Assets in NYC on Nov. 14, 2023, to stay updated on trends like AI, regulations, SEC actions & institutional adoption in the crypto space. Secure early bird discounted tickets now!
State Street has increased its investment in the crypto market in the last few months versus the first few years that Biancamano was at the firm. And State Street is planning to increase options to invest in crypto by the end of 2023 as investors remain crypto-curious despite the FTX meltdown.
Also Read: Tokenized US Treasury Market Skyrockets By Nearly 600% Amid Global Spike In Interest Rates
The excitement around crypto is reflected in an EY-Parthenon (global strategy consulting arm within Ernst & Young) survey from September: institutional investors are likely to allocate 5.6% of their portfolios to tokenized assets by 2026, the results showed.
The survey was conducted on 251 accredited/high net worth investors and 78 institutional asset investors in the U.S. in May 2023.
A webinar on Tokenization of Real-World Assets, with the Wall Street Blockchain Alliance on Sep. 7, saw participation from Biancamano. The Fordham Gabelli School of Business alum, who also holds a patent for Actionable Contextualized Alerts in his name, said that putting assets on a blockchain validates ownership and transfer value, reducing friction in the market.
Find out more on how tokenization has evolved and has become an integral part of the traditional payment methodologies from Jay Biancamano himself. He will be among the featured panelists at Benzinga's Fintech Deal Day & Awards on Nov. 13 followed by the Future of Digital Assets conference on Nov. 14, both events will be held in New York City. Tickets are flying: Get yours!
While he agrees that liquidity was a challenge, the ecosystem of issuers, investors, and centralized venues should be developed as clients can trade, borrow, and lend assets like in the traditional world.
Read More: Mastercard Enables Tokenization Of CBDCs On Different Blockchains Under RBA Project
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