Leading financial services provider, State Street Corporation, announced an expansion of its cryptocurrency services on 20 August 2024.
The company revealed a strategic partnership with a prominent player in the crypto industry, Switzerland’s Taurus.
The partnership aims to enhance its capabilities in offering secure and efficient custody solutions for digital assets.
By aligning with a key player in the crypto industry, State Street is positioning itself as a leader in the digital asset custody market.
Commenting on the partnership, Donna Milrod, State Street’s Chief Product Officer and Head of State Street Digital said, “The collaboration with Taurus underscores our ongoing commitment to further establishing ourselves as leaders in this growing asset class, and this important announcement only enhances our ambition to deliver to our clients an amazing digital asset experience.“
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There are few news announcements as relevant as this for digital assets. We are pleased to announce a strategic collaboration with @StateStreet, one of the world's largest custodian banks.
Read the full announcement: https://t.co/14G1SecORW pic.twitter.com/c2ha5KTYc0
— Taurus (@taurus_hq) August 20, 2024
State Street’s Foray Into Crypto Custody
State Street, known for extensive custody and asset management services, is gradually increasing its involvement in the cryptocurrency sector.
“We are excited to be working with Taurus as we continue to elevate our digital asset capabilities and deliver the innovative solutions our clients have been seeking,” Milrod added.
The company said that it will leverage Taurus’ fully integrated, custody, tokenization and node-management solutions to automate the issuance and servicing of digital assets, including digital securities and fund management vehicles, in accordance with applicable institutional standards.
Taurus, industry-leading digital asset infrastructure provider, specializes in serving large financial institutions.
“We are thrilled to have been chosen by State Street as a strategic partner for custody and tokenization and are excited about our collaboration and the opportunity to introduce innovative digital asset products and services to the industry,” said Lamine Brahimi, co-founder and managing partner of Taurus.
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The integration of cryptocurrencies into the mainstream financial system is expected to accelerate. This can lead to increased adoption and innovation in the sector.
By expanding its crypto custody capabilities, State Street is not only responding to the needs of institutional investors, but also shaping the future of the financial industry.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
