Share this article
Banking Giant State Street Cuts Ties With Crypto Custody Firm Copper
State Street and Copper have mutually decided to end their licensing agreement, a spokesman for the bank said.
By Ian Allison
Updated May 9, 2023, 4:10 a.m. Published Mar 16, 2023, 6:46 p.m.
Global custody bank State Street said it has ended its working relationship with Copper, the cryptocurrency custody firm which announced earlier Thursday that it was closing its enterprise infrastructure division.
“State Street and Copper have mutually decided to end their licensing agreement and both companies will continue to build on their digital strategies within their own respective product development approaches,” a State Street spokesman said via email.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
State Street will continue to work on “a multi-faceted solution for both tokenized securities as well as native tokens,” the bank said, adding that the “regulatory environment for digital assets has continued to evolve, as has the requirements for servicing this asset class.”
The latest wave of uncertainty to grip the crypto industry has seen several of its dedicated banking partners collapse or step back from crypto firms. Adding to this trend, Copper announced somewhat out of the blue Thursday that it was closing down its enterprise infrastructure business to connect banks and hedge funds with digital assets. It will instead focus on its Clear Loop custody and settlement business.
Copper’s association with State Street, one of the largest custody banks in the world, was seen as a major coup for the London-based crypto firm, whose chairman is former U.K. Chancellor of the Exchequer Philip Hammond.
Copper did not immediately respond to a request for comment.
Read more: Crypto Custody Firm Copper Shelves Enterprise Business: Source
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Coinbase rolls out stock trading, prediction markets and more in bid to become the ‘Everything Exchange’
Coinbase is dramatically expanding the assets available to trade on its platform, including novel cryptocurrencies, perpetual futures, stocks and prediction markets, starting with Kalshi.
What to know:
- Coinbase is expanding offerings on its platform, introducing hundreds of top stocks based on market cap, trading volume, etc, with plans to add thousands of additional stocks and ETFs over the coming months.
- Coinbase users will also be able to trade on the outcomes of real-world events like elections, sports, collectibles, and economic indicators, starting with Kalshi and more to be integrated over time.
- A new AI-driven wealth management advisory service has been introduced, as well as Coinbase Business to help startups and small businesses incorporate crypto.
Top Stories
