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State Street Bank: In light of recent DeFi attack incidents, organizations hope to strengthen blockchain security
Golden Finance reports that on May 5th, Tom Secunda, Head of Digital Assets at Bank of New York Mellon, stated at the Miami Consensus Conference that large traditional financial companies need guardrails in the blockchain-based asset world, especially considering that decentralized finance (DeFi) is still highly susceptible to hacking and losses. At the same time, for institutions, interoperability between blockchains requires clear definition and understanding for cryptocurrencies to safely scale.
“It must be clarified in cross-chain transactions what the legal ownership and legitimate rights are when tokens exist on different chains. Our clients need to understand and grasp this. As institutional investors, we must do so,” he said.