State Street to Provide Crypto Fund Administration Services
Working in partnership with software provider Lukka, State Street will offer collection, reconciliation, processing and reporting related to crypto and other digital assets.
Jul 29, 2021 at 2:11 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/VSIN2B2ZBVHNDOU5U7BYGKS2FU.jpg)
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.
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