State Street’s exchange traded funds business is considering how it can tap into growing client demand for cryptocurrencies such as bitcoin. However, one of its top executives in Europe says the bar is “extremely high” for it to launch products that will offer investors exposure.

Matteo Andreetto, who heads State Street’s SPDR ETF business across Europe, the Middle East and Africa, said a working group comprised of various investment teams across State Street Global Advisors — the US bank’s $3.6tn asset management division — has been exploring cryptocurrencies for “quite some time”, including discussions with institutional investors.