State Street Bank will launch crypto services for private fund clients

State Street Corporation, a major US financial services and bank holding company, is expanding its push to the cryptocurrency industry by launching new digital asset services.

State Street Bank is the second oldest operating bank in the United States. Announce On Thursday, it will provide digital and encrypted asset management services to the company’s private equity clients. The bank will enable its private equity fund clients to use a set of institutional-level mid- and back-office products that support a diversified investment portfolio, including encryption-related functions such as collection, standardization, reporting, processing, and reconciliation.

To unlock these services, State Street signed an agreement with Lukka, a US-based blockchain data and software provider focused on reporting audit-ready data for cryptocurrency transactions. State Street is known as the main investor in Lukka, Lead the company’s Series C financing December 2020.

As part of the partnership, State Street will provide access to Lukka’s series of proprietary products, including mid- and back-end data management solutions designed for blockchain and encrypted asset data, as well as reference and pricing data. It will allow State Street to consume encrypted assets mixed in private clients’ traditional alternative investment portfolios, providing digital assets with the same quality and accuracy as traditional assets.

This news was launched on Street Digital A new department dedicated to cryptocurrency And last month’s digital assets. The new department is called State Street Digital and focuses on research and tools related to cryptocurrency, blockchain technology, central bank digital currency and tokenization.

related: Bank of New York Mellon joins State Street to provide services for new cryptocurrency exchange

“The growth of the popularity of digital assets shows no signs of slowing down. State Street Digital is committed to continuing to build the necessary infrastructure to further develop our digital asset service model to help meet the growing needs of our customers,” said Tao Rich Digital Director Nadine Chakar said.

Lukka is headquartered in New York and is known as a major player in the digital asset industry in the United States. S&P Dow Jones Indices-a joint venture of S&P Global, CME Group and News Corporation- Use Lukka’s technology to launch an encryption index Earlier this year.