State Street Bank: In light of recent DeFi attacks, institutions seek to strengthen blockchain security

Jinse Finance reported that on May 5, the Head of Digital Assets at State Street Bank stated at the Miami Consensus conference on Tuesday that large traditional financial companies need safeguards in the blockchain-based asset world, especially given that decentralized finance (DeFi) still remains highly vulnerable to hacker attacks and losses. At the same time, for institutions, interoperability between blockchains requires clear definition and understanding for cryptocurrencies to scale safely. “It must be clarified in cross-chain transactions what the legal ownership and lawful rights are, respectively, when tokens exist on different chains. Our clients need to know and understand this. As institutional investors, we have to do this,” he said.