State Street to offer cryptocurrency services to private funds

State Street, the second-oldest active bank in the United States, intends to offer the private funds it serves cryptocurrency trading, reporting, and account reconciliation services, Bloomberg reports.

The institution plans to partner with Lukka, a provider of cryptocurrency data, which will supply software for managing digital assets. The firm will also support its valuation services.

According to Nadine Chakar, head of State Street Digital, the group, which manages $3.1 trillion in assets, aims to broaden services in the areas of cryptocurrencies, CBDC, blockchain and tokenised equities.

“Growth in the popularity of digital assets shows no signs of slowing, and State Street Digital intends to continue building the necessary infrastructure to advance our digital-asset service models to help meet growing client needs,” she said.

The unit for handling digital assets within the financial group, whose assets under custody total $38.8 trillion, was created in June 2021.

In April State Street announced the launch of a crypto trading platform for financial institutions.

Back in 2020, the group, together with S&P Global led the Lukka funding round of $15 million.