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State Street to Offer Crypto Custody in Pact With Copper
The move follows the custodial banking giant launching its crypto division in June.
Updated May 11, 2023, 6:00 p.m. Published Mar 9, 2022, 3:19 p.m.
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State Street (STT) has entered a licensing agreement with Copper to develop and launch an institutional-grade digital asset custody product.
- “We are building the financial infrastructure needed to support our clients’ allocations to this new asset class,” said Nadine Chakar, head of State Street Digital.
- London-based Copper is a provider of institutional custody offerings across more than 40 exchanges and 450 digital assets.
- The State Street custody product will be subject to regulatory approval.
- A custodial bank with more than $43 trillion in assets under custody and administration, and just shy of $4 trillion in assets under management, State Street launched a crypto division last year with plans to evolve into a “multi-asset platform” to support cryptocurrency trading and more.
Read more: State Street Bank Launches Cryptocurrency Division
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South Korea’s Hanwha makes a $13 million bet on ‘seedless’ crypto wallets
The South Korean financial firm backs the U.S.-based blockchain company to accelerate enterprise wallet technology and real-world asset tokenization.
What to know:
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- The deal signals continued institutional investment in blockchain infrastructure despite uneven crypto markets.
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