State Street is working on a new blockchain project aimed at cataloging transactions tied to investment assets.
The Boston-based investment services firm is partnering with California-based blockchain startup PeerNova on the project. The prototype being developed will track funds used in investment transactions.
The firm suggested in statements that the trial could ultimately lead to a future product line focused on the tracking of assets using the technology.
Hu Liang, senior vice president for State Street’s Emerging Technology Center, said of the project:
The announcement marks State Street’s most notable initiative related to blockchain to date.
State Street did not immediately respond to a request for comment.
Image via Wikimedia
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.