State Street Bank: Recent DeFi attacks highlight blockchain security needs; institutions expect improvements.

CoinFeed reported on May 6th, citing CoinDesk, that Angus Fletcher, Head of Digital Assets at State Street Bank, stated at the Consensus Miami conference that institutional investors are demanding improved blockchain security amid the recent surge in DeFi attacks. He pointed out that the nascent crypto industry needs to find solutions now before trillions of dollars of real-world assets are on-chain. Fletcher believes that interoperability between blockchains needs clear definition and understanding, and institutional clients need to understand the legal ownership and rights of cross-chain tokens. Dennis Bree, Head of Institutional at Morpho, stated that April was likely the month with the most hacks in DeFi history, and regulators are conducting more due diligence on the security of collateralized assets.