State Street, one of the world's largest custodians, is to enter the digital asset safekeeping business using technology from London startup Copper.co.
The Wall Street giant says it intends to launch an institutional-grade digital custody offering where clients can store and settle their digital assets within a secure environment operated by State Street.
Copper.co provides a gateway into the crypto asset space for institutional investors by offering custody, trading, and settlement across 450 crypto-assets and more than 40 exchanges.
“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,” says Nadine Chakar, head of State Street Digital. “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."
State Street began embracing the shift to decentralised finance in June last year with the creation of a new division specifically to engage with digital assets, including cryptocurrencies.