State Street partners with Lukka to offer new digital asset services to its private clients having private accounts.
State Street Corporation, a major American financial services and bank holding corporation is expanding its cryptocurrency efforts by releasing new digital asset services.
State Street, the country’s second-oldest running bank, announced on Thursday that it will provide digital and crypto asset administration services to its private fund’s clients.
The bank will provide institutional-grade middle- and back-office products to its private fund clients that support varied portfolios, including crypto-related capabilities like collecting, standardization, reporting, processing, and reconciliation.
State Street and Lukka partnership
To make the services available, State Street partnered with Lukka, a blockchain data and software company based in the United States that specializes in delivering audit-ready data on bitcoin transactions.
State Street is a well-known Lukka investor, having led the company’s Series C fundraising round in December 2020.
State Street will provide access to a number of Lukka’s unique technologies as part of the deal, including middle- and back-office data management solutions for blockchain and crypto-asset data, as well as reference and pricing data.
It will enable State Street to consume crypto assets that are mixed in with a private client’s regular alternative investment portfolios, giving digital assets the same quality and precision as traditional assets.
The development comes after Street Digital announced last month the formation of a new section focused on bitcoin and digital assets.
State Street Digital is a new unit focused on cryptocurrencies, blockchain technology, central bank digital currencies, and tokenization research and tools.
State Street Digital director Nadine Chakar said,
“The growth in popularity of digital assets is showing no signs of slowing down, and State Street Digital is committed to continuing to build out the necessary infrastructure to further develop our digital assets servicing models to help meet our clients’ growing demands.”
Lukka is a key player in the digital asset sector in the United States, with headquarters in New York. Lukka’s technology was used by S&P Dow Jones Indices, a joint venture between S&P Global, the CME Group, and News Corp, to establish crypto indexes earlier this year.