State Street is to offer crypto and digital asset fund administration services to its private fund clients.
- Working in partnership with software provider Lukka, State Street will offer collection, reconciliation, processing and reporting related to cryptocurrency and other digital assets, the company said Thursday.
- State Street will use Lukka's middle and back office software to incorporate digital assets alongside private clients' other alternative investments.
- This news is the latest sign of the incremental adoption of crypto assets among Wall Street's vanguard, following on from State Street's recent launch of a cryptocurrency division.
- The U.S.'s second oldest bank, with around $40 trillion in assets in custody or administration, launched State Street Digital in June to incorporate cryptocurrency, digital currencies, blockchain and tokenization into its platforms.
- State Street is also providing the infrastructure for a new crypto trading platform called Pure Digital and has said it intends to eventually start using the platform for trading.