As per the latest reports, State Street Corporation has announced that it is venturing into the cryptocurrency industry. State Street Corporation is a major bank and financial services holding company that is based in the United States.
The firm has announced that it is aiming to explore more into the cryptocurrency industry. The platform has been in the traditional finance sector for a very long time and now it is aiming to launch itself within the cryptocurrency sector.
The firm is very excited about its new venture into the cryptocurrency industry and it is aiming to provide its clients with the best services from the cryptocurrency sector.
State Street has announced that it is aiming to provide its users with cryptocurrency exposure by launching new services that deal in digital assets.
It was on Thursday, July 29, when State Street Corporation made the announcement in regards to launching a new platform for digital assets. State Street Corporation is currently the second-oldest bank that is operating in the United States.
State Street Corporation’s long-running tenure means that it has an enormous client base. This would eventually mean that the cryptocurrency industry would soon be inducting several major investors from the respective bank.
The firm has made an announcement in regards to its provision of cryptocurrency and digital assets to its clients. The firm has clarified that for now, it is going to target and provide services to a specific group of clients. These specific clients would be the ones belonging to the private fund sector at the bank.
For now, only the clients with private funds at the State Street Corporation would be allowed to interact with cryptocurrencies and digital assets through the bank. The particular clients would have administrative access to the digital and cryptocurrency assets at the bank.
Through the bank, the users would be provided with back office and middle office-level offerings that would be institutional grade. The clients would have access to several services and benefits related to the particular space. Some of the major features include reconciliation, processing, reporting, standardization, and collection of digital assets.
The banking and investment solution has announced that it has partnered with Lukka, in order to be able to provide its clients with these services. Lukka is a software and blockchain data provider that is also based in the United States. The firm has signed an agreement with Lukka, allowing it to utilize its services and expertise in the cryptocurrency sector to gain from it.
When it comes to Lukka, it is not a new name to State Street because the banking solution has been supporting Lukka. State Street Corporation had reportedly backed Lukka in its series C funding round, which was led by State Street itself back in December of 2020.