State Street taps Copper.io to develop digital custody offering

Rick Steves

“As the digital asset market continues to evolve, this collaboration will help our firm to expand our product offering and roadmap”

State Street has announced that its digital asset division has entered into a licensing agreement with London-based Copper.co in order to develop and launch a digital custody offering where clients can store and settle their digital assets within a secure environment operated by State Street.

The eventual launch of the new solution would be subject to regulatory approval, but a State Street digital custody offering would be another major milestone for the crypto ecosystem.

Custody, trading, and settlement for 450 crypto assets

Copper.co provides 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 company is committed to providing 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, said: “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 Digital, commented: “As the digital asset market continues to evolve, this collaboration will help our firm to expand our product offering and roadmap.”

Sabrina Wilson, Chief Operations Officer at Copper.co, added: “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.”

Last year, the bank partnered with Pure Digital in order to set up a deep OTC market for digital assets and cryptocurrencies with physical delivery and bank custody.

Currenex will deploy its high-performance technology for anonymous and disclosed trade execution on Pure Digital’s trading platform, which offers a wholesale interbank market for Tier 1 investment banks to trade bitcoin and other digital assets.

Pure Digital will gather Institutional participants to trade on the platform utilizing bilateral credit enabling efficient capital utilization and control for all trading participants in order to establish a market for price discovery and exchange of risk.

The platform will adopt FX-industry standard APIs and best execution to minimize technology cost for participants who wish to use their existing Prime Bank / Custodial relationships and infrastructure.

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