The digital arm of State Street Corporation has entered into a licensing agreement with London-based Copper.co, to provide an environment for investors to hold and settle digital assets in a secure environment.
The product offering from State Street Digital has been designed to leverage off Copper.co technology, in order to allow participants the opportunity to thrive in the growing digital economy.
“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 head Nadine Chakar explained.
“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,” she added.
Copper.co has offered institutional investors a gateway into the continuous changing environment of cryptocurrency, including holding, trading and settlement methods for 450 crypto-assets and more than 40 exchanges.
According to Copper.co chief operating officer Sabrina Wilson it is hoped the collaboration will become a vital component for the industry to interact more often with digital assets, which has been an intimidating field for potential investors.
“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,” she said.
“We are proud to be part of State Street’s goal to lead the way in the transformation of financial infrastructure.”
The initiative is still subject to regulatory approval.
