State Street Corporation (NYSE: STT) has announced plans to launch a new crypto custody platform for institutional investors.
The US bank said this in a press announcement published Wednesday.
Per the press release, State Street revealed it would work with London-based digital asset platform Copper.co. The two firms have signed a partnership towards this new venture for the bank, they said.
With this in place, State Street Corp.’s crypto subsidiary State Street Digital will leverage Copper.co’s technology to develop a new institutional-grade crypto custody product. According to the statement to the media, the custody offering will then launch once all necessary regulatory approvals have been secured.
The custody platform will allow clients to “store and settle their digital assets within a secure environment operated by State Street,” the bank noted.
State Street is looking to use the collaboration to grow its service offering to clients keen on the digital asset market, said Swen Werner, State Street Digital’s head of crypto custody. Werner also noted that the partnership will help their team expand their roadmap even as customers’ interest in digital asset products continues to evolve.
UK-based Copper was founded in 2018 and has expanded rapidly to become one of the top providers of custody services to institutional investors.
The firm also offers trading and crypto settlement solutions, with more than 450 crypto-assets available. Copper’s services are also available to more than 40 digital asset exchanges.