State Street says institutions want improved blockchain security in wake of recent DeFi attacks
Angus Fletcher, State Street’s head of digital assets said the young crypto industry needs to find solutions now before trillions in RWAs come on-chain.
What to know:
- Morpho’s Dennis Bree said April was probably the month that has so far seen the most hacks in DeFi.
- DeFi curators are doing a lot more diligence, particularly in the wake of recent attacks.
- The young crypto industry needs to find solutions now, said State Street’s Angus Fletcher.
Speaking about the future of tokenized real-world assets (RWAs), Angus Fletcher, State Street’s head of digital assets, said the young crypto industry needs to find solutions now. “What are the things we actually need to solve now for a future where we’ve got trillions of dollars worth of activity on-chain? We need to start to unpick those issues now,” Fletcher said.
For institutions, interoperability between blockchains needs to be clearly defined and understood, Fletcher said, for crypto to safely scale.
“There has to be an understanding of what is the legal title and legal right when you have a token on one chain versus on another, on a cross chain basis. Our customers need to know and understand that. As institutions, it’s critical we get there,” he said.
