State Street announced its digital division has entered into a licensing agreement with Copper.co, a London-based provider of institutional digital asset custody and trading infrastructure. State Street Digital will use Copper.co’s technology to develop and launch an institutional grade digital custody offering where clients can store and settle their digital assets within a secure environment operated by State Street.
Copper.co provides a gateway into the crypto asset space for institutional investors by offering custody, trading, and settlement solutions across 450 crypto-assets and more than 40 exchanges. The company is committed to providing flexible solutions for institutional investors that can adapt to the changing crypto asset space, while enabling far greater transparency and control for asset managers.
“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,” said Nadine Chakar, head of State Street Digital, in a statement. “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.”
“As the digital asset market continues to evolve, this collaboration will help our firm to expand our product offering and roadmap,” said Swen Werner, head of digital custody for State Street Digital, in a statement.
“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,” said Sabrina Wilson, COO, Copper.co, in a statement.