State Street Corporation (NYSE: STT) announced that State Street Digital, the company’s dedicated Digital unit, has entered into a licensing agreement with Copper.co, a London-headquartered provider of institutional digital asset custody and trading infrastructure.
State Street Digital will “leverage Copper.co’s technology to develop and, subject to receipt of regulatory and other approvals, launch an institutional grade digital custody offering where clients can store and settle their digital assets within a secure environment operated by State Street.”
The company will “leverage its robust infrastructure and vast experience to assist clients’ transition and thrive in the new digital economy.”
Copper.co offers a gateway into the crypto asset space “for institutional investors by offering custody, trading, and settlement solutions across 450 crypto-assets and more than 40 exchanges.” The firm is committed to offering flexible solutions for institutional investors that can “adapt to the changing crypto asset space, while enabling far greater transparency and control for asset managers.”
Nadine Chakar, Head of State Street Digital, stated:
“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. Today’s exciting announcement will only enhance our ambition to deliver to our clients an amazing digital experience. We look forward to collaborating with the team at Copper as State Street Digital continues to grow.”
Swen Werner, Head of digital custody for State Street‘s Digital unit, remarked:
“As the digital asset market continues to evolve, this collaboration will help our firm to expand our product offering and roadmap,”
State Street’s product offering is “subject to regulatory approval.”
Sabrina Wilson, COO, Copper.co., said:
“That State Street, one of the world’s largest custodians, is creating a new digital asset service is a hugely important development for institutional engagement in this new asset class.We are proud to be part of State Street’s goal to lead the way in the transformation of financial infrastructure.”