State Street Digital, the Boston-based bank’s dedicated digital division, has entered into a licensing agreement with Copper.co (Copper), to develop and evaluate a digital custody offering where customers can store and settle their digital assets.
The mandate, subject to receipt of regulatory and other approvals, will provide customers with a place to store and pay for their digital assets in a secure environment operated by State Street.
Copper, a London-based provider of institutional digital asset custody and trading infrastructure, offers custody, trading and settlement solutions across 450 crypto-assets and over 40 exchanges.
The company is committed to providing flexible solutions for institutional investors that can adapt to the evolving crypto asset space, while enabling much greater transparency and control for asset managers, said Copper.
Nadine Chakar, Head of State Street Digital, comments, “State Street Digital’s mission continues to focus on putting the right tools in place so that we can provide customers with solutions to meet their traditional and digital asset needs.
Sabrina Wilson, new chief operating officer at Copper, said: “For State Street, one of the world’s largest custodians, to create a new digital asset service is a hugely significant development for institutional engagement in this new asset class. We are proud to be part of State Street’s goal to lead the way in financial infrastructure transformation. »