As demand for traditional funds soars, financial giant State Street expands cryptocurrency services – Bitcoin News

State Street Corp., one of the world’s leading financial service providers for institutional investors, has announced a partnership with Lukka, an enterprise encrypted asset data and software provider, to expand its encryption services.

State Street launches new encryption service

State Street Bank announced a new cryptocurrency service on Thursday. The financial services company “will cooperate with Lukka to provide the company’s private equity fund clients with digital and cryptocurrency asset fund management capabilities,” the announcement details and added:

State Street will support its private fund clients through the collection, standardization, enrichment, reconciliation, processing and reporting related to encryption and other digital assets.

This Boston-based financial services and bank holding company provides investment services, investment management, investment research and transaction services. State Street operates in more than 100 geographic markets around the world. As of June 30, the company has $42.6 trillion in assets under custody and/or management and $3.9 trillion in assets under management (AUM).

The financial services company recently launched State Street Digital, a division that focuses on solving the industry’s ongoing transition to digital finance. It also led Lukka’s Series C financing in December 2020.

Nadine Chakar, head of State Street Digital, commented:

The growth in the popularity of digital assets shows no signs of slowing… Our partnership with Lukka will use their software and data to help extend our digital and encrypted asset fund management capabilities to alternative managers.

Specifically, State Street will utilize Lukka’s product suite, which includes proprietary mid- and back-end data management solutions, reference data, and key pricing data.

Jen Tribush, Head of Alternatives at State Street Digital, believes: “As our customers continue to adopt digital assets such as encryption, we are seeing investors becoming more and more interested in institutional-quality mid- and back-end products that support diversified investment portfolios.”

Lukka CEO Robert Matrazzi described: “Large traditional funds are rapidly seeking to add cryptocurrencies to their products, which has led them to demand existing and trusted service providers (such as State Street Banks) conduct fund management.” He added: “State Street quickly realized the importance of building the ability to support crypto assets, and we are proud to work with them because the fund is rapidly seeking to diversify its investment portfolio.”

What do you think of State Street’s expansion of its encryption services? Let us know in the comments section below.

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