- Custody giant State Street has announced a new partnership.
- The tie-up will help State Steer expand its digital asset offerings.
- Some of these offerings are subject to regulatory approval.
State Street Corporation and Swiss crypto company Taurus announced in a Tuesday press statement that they have partnered to expand their digital asset offerings through new services.
Headquartered in Boston, Massachusetts, State Street is a global financial services and bank holding provider with $4.42 trillion in assets under management (AUM) as of July 2024. The company entered the digital assets landscape with crypto fund administration and accounting services.
State Street’s Partnership with Taurus
According to the statement, State Street has tapped Taurus to provide crypto custody and asset tokenization services to institutional clients, such as banks and asset management firms.
Sponsored
“State Street will leverage Taurus’ fully integrated, custody, tokenization, and node-management solutions to automate the issuance and servicing of digital assets, including digital securities and fund management vehicles, in accordance with applicable institutional standards,” the statement read.
State Street’s Chief Product Officer and Head of State Street Digital, Donna Milrod, told Reuters on August 20 that plans to offer digital asset custody would be subject to the U.S. Securities and Exchange Commission (SEC) revising a 2022 accounting guidance that imposes stricter restrictions on banks seeking to hold their customer’s cryptos.
Milrod said asset tokenization services would debut in the “near future” without elaborating.
Today’s development marks another major bank tie-up for Taurus, which signed a similar partnership for crypto custody and asset tokenization services with German investment bank Deutsche Bank in September last year.
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