The US-based holding company will launch its digital division after a partnership agreement with the crypto-asset custody solutions platform.
Based on the report by Copper.co, the two financial service platforms will be entering a licensing agreement, with State Street bringing in the crypto custodial services provided by Copper.co.
State Street is a financial services corporation, based in Boston, that offers investment management, administration solutions, and data analysis for institutional investors, while Copper.co provides a gateway for institutional investors to trade across several exchanges in one place, and move digital assets on a secure network.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
Is Decentralized Anonymous Blockchain a Myth? (Explained!)
This partnership will enable State Street to offer its clients storage for their digital assets in a secure environment. With Copper.co providing its ClearLoop technology, this will give State Street customers access to real-time settlement solutions across several blockchain networks.
Head of State Street Digital Nadine Chakar spoke on the agreement with Copper.co, stating:
"As institutional investors’ interest in digital assets continues to grow, we are building the financial infrastructure needed to support our clients’ allocations to this new asset class. State Street Digital’s mission continues to focus on putting the right tools in place so we can provide clients with solutions to support their traditional, as well as digital assets needs."
Since June 30 of 2021, State Street manages about $3.9 trillion worth of assets and operates in over 100 markets globally.
