State Street Corporation is diving deeper into the world of cryptocurrency by launching new digital asset services.
The banking corporation announced that it would provide digital and crypto asset administration services for its private funds clients.
To make this happen, State Street signed an agreement with Lukka — a blockchain data and software provider specializing in reporting audit-ready data on crypto transactions. State Street is one of the major investors for Lukka and led the company’s Series C investment round in December 2020.
The clients will soon have access to Lukka’s institutional-grade middle- and back-office offerings that help support their diversified portfolios. These include crypto-related features such as collection, reporting, processing, standardization and reconciliation.
Previously, State Street launched a new division dedicated to cryptocurrency and digital assets called State Street Digital. This division will focus on research and tools within the realm of cryptocurrency, blockchain technology, tokenization and CBDC (central bank digital currencies).