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State Street to Offer Crypto Custody in Pact With Copper

The move follows the custodial banking giant launching its crypto division in June.

Updated May 11, 2023, 6:00 p.m. Published Mar 9, 2022, 3:19 p.m.

State Street (STT) has entered a licensing agreement with Copper to develop and launch an institutional-grade digital asset custody product.

“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.
London-based Copper is a provider of institutional custody offerings across more than 40 exchanges and 450 digital assets.
The State Street custody product will be subject to regulatory approval.
A custodial bank with more than $43 trillion in assets under custody and administration, and just shy of $4 trillion in assets under management, State Street launched a crypto division last year with plans to evolve into a “multi-asset platform” to support cryptocurrency trading and more.

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Michael Bellusci is a former CoinDesk crypto reporter. Previously he covered stocks for Bloomberg. He has no significant crypto holdings.

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