State Street Corporation (NYSE: STT) announced today that State Street Digital, the firm’s dedicated Digital division, has entered into a licensing agreement with Copper.co.
State Street Digital will leverage Copper.co’s technology to develop and, subject to receipt of regulatory and other approvals, launch an institutional grade digital custody offering where clients can store and settle their digital assets within a secure environment operated by State Street. The firm will leverage its robust infrastructure and vast experience to assist clients’ transition and thrive in the new digital economy.
Copper.co provides a gateway into the crypto asset space for institutional investors by offering custody, trading, and settlement solutions across 450 crypto-assets and more than 40 exchanges. The company is committed to providing flexible solutions for institutional investors that can adapt to the changing crypto asset space, while enabling far greater transparency and control for asset managers.
“As institutional investors’ interest in digital assets continues to grow, we are building the financial infrastructure needed to support our clients’ allocations to this new asset class,” said Nadine Chakar, head of State Street Digital. “State Street Digital’s mission continues to focus on putting the right tools in place so we can provide clients with solutions to support their traditional, as well as digital assets needs. Today’s exciting announcement will only enhance our ambition to deliver to our clients an amazing digital experience. We look forward to collaborating with the team at Copper as State Street Digital continues to grow.”
“As the digital asset market continues to evolve, this collaboration will help our firm to expand our product offering and roadmap,” said Swen Werner, head of digital custody for State Street Digital.
State Street’s product offering is subject to regulatory approval.
“That State Street, one of the world’s largest custodians, is creating a new digital asset service is a hugely important development for institutional engagement in this new asset class,” said Sabrina Wilson, COO, Copper.co. “We are proud to be part of State Street’s goal to lead the way in the transformation of financial infrastructure.”
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $42.6 trillion in assets under custody and/or administration and $3.9 trillion* in assets under management as of June 30, 2021, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
*Assets under management as of June 30, 2021 includes approximately $64 billion of assets with respect to SPDR® products for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) acts solely as the marketing agent. SSGA FD and State Street Global Advisors are affiliated.
Founded in 2018, Copper provides a gateway into the crypto asset space for institutional investors by offering custody, trading, and settlement solutions across 450 crypto- assets and more than 40 exchanges. It is committed to providing flexible solutions for institutional investors that can adapt to the changing crypto asset space, while enabling far greater transparency and control for asset managers.
Copper’s fully integrated products are unique in the crypto-asset space. Underpinned by multi- award-winning custody, Copper has built the comprehensive and secure suite of tools and services required to safely acquire, trade, and store cryptocurrencies.
At the core of Copper’s infrastructure is ClearLoop, a framework that connects the universe of exchanges in one secure trading loop — with real-time settlement across multiple networks. Integrated with market leading spot and derivative crypto exchanges, ClearLoop has already transformed the way in which institutional investors can engage in the crypto asset space since it was launched in May 2020.
For more information, please visit: www.copper.co
Our settlements and clearing service is backed by our award winning custody technology