State Street Corp. is partnering with London-based Copper.co to offer custodial services on cryptocurrencies for institutional customers.
The Boston-based bank expects to have the infrastructure enabling digital wallet safekeeping services available to its institutional clients by the end this year — just one part of the firm’s expansion into crypto that included launching a dedicated digital division in June.
“Today we’re talking custody, but sky’s the limit,” Nadine Chakar, head of State Street Digital, said in an interview.
State Street’s licensing agreement with Copper shows how the centuries-old firm is embracing crypto, using Copper’s technology instead of repurposing the firm’s legacy technology. The platform will also enable State Street to hold various digital assets beyond Bitcoin and Ethereum, including Cardano, Solana and Polkadot for clients.
State Street had $43.7 trillion in assets under custody and administration and $4.1 trillion in assets under management at the end of December.
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