Depending on regulatory approval, the rollout will be ready by the end of the year.
The platform will allow the company to store a variety of digital assets.
State Street Corp. has teamed up with London-based Copper.co to provide institutional customers with cryptocurrency custodial services.
By the end of the year, the Boston-based bank intends to have the infrastructure in place to offer digital wallet preservation services to its institutional clients, which is only one component of the firm’s crypto growth, which began in June with the formation of a dedicated digital division.
In an interview, Nadine Chakar, the head of State Street Digital, said, “Today we’re talking custody, but the sky’s the limit.”
State Street’s licensing agreement with Copper demonstrates how the centuries-old firm is embracing crypto, rather than repurposing its legacy technology. State Street will be able to hold a variety of digital assets for clients, including Cardano, Solana, and Polkadot, in addition to Bitcoin and Ethereum.
At the end of December, State Street had $43.7 trillion in assets under custody and administration and $4.1 trillion in assets under management.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.