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State Street: Institutions Seek to Strengthen Blockchain Security Amid Recent DeFi Attacks
On May 5, State Street’s head of digital assets stated at the Consensus conference in Miami that large traditional financial companies need safeguards in the blockchain-based asset world, especially considering that decentralized finance (DeFi) remains vulnerable to hacking and losses. Additionally, for institutions, the interoperability between blockchains needs to be clearly defined and understood for cryptocurrencies to scale securely. “It must be clear what the legal ownership and rights are when tokens exist on different chains in cross-chain transactions. Our clients need to understand and grasp this. As institutional investors, we must do this,” he said.