State Street to Launch a Digital Custody Offering with Copper.co

State Street Corporation, a leading provider of financial services, announced on Wednesday that its dedicated Digital division, State Street Digital, has entered into a licensing agreement with London-based crypto custody and trading infrastructure provider Copper.co.

According to the press release, State Street Digital will develop and launch a digital custody offering where clients can store and settle their digital assets within an environment operated by State Street, subject to regulatory approval.

“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. 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,” Nadine Chakar, the Head of State Street Digital, commented on the announcement.

Copper.co offers custody, trading and settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term solutions across 450 crypto-assets and over 40 exchanges for institutional investors. With its infrastructure and experience, the firm will assist clients in transitioning to the new digital economy and thriving there.

“That State Street, one of the world’s largest custodians, is creating a new digital asset service [and] is a hugely important 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 the transformation of financial infrastructure,” Sabrina Wilson, the COO at Copper.co, highlighted.

BNY Mellon Crypto Custody Platform

Last month, BNY Mellon, a major US global bank headquartered in New York, announced plans to launch a digital asset custody platform to enable institutional clients to get exposure to cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term.

The new custody platform will enable customers to hold the major crypto coins like Bitcoin and Ether in BNY Mellon crypto wallets which will be powered by Fireblocks technology.