State Street Taps Taurus To Offer Digital Asset Custody, Tokenization
Highlights
- Financial giant State Street has partnered with crypto custodian Taurus.
- The agreement add digital assets capabilities such as tokenization and digital custody for State Street Bank and Trust Company clients.
- State Street continue to deepen crypto exposure amid rising demand from clients.
Financial giant State Street on Tuesday said it has partnered with crypto custodian Taurus to offer tokenization and digital custody services to institutional investors. The firm plans to introduce innovative digital asset products and services for the crypto industry amid latest crypto push.
State Street Partners Taurus For Digital Asset Services
State Street Corp signed a strategic agreement with Taurus SA to offer crypto capabilities for State Street Bank and Trust Company clients, as per a press release on August 20.
The move was mainly targeted to enhance Digital Asset Solutions. This company plans to boost crypto asset capabilities and deliver innovative solutions in high demand from clients. The agreement adds tokenization and digital custody services to the existing Fund Administration and Accounting capabilities for Digital Assets.
“The collaboration with Taurus underscores our ongoing commitment to further establishing ourselves as leaders in this growing asset class, and this important announcement only enhances our ambition to deliver to our clients an amazing digital asset experience,” said Donna Milrod, the company’s head of Digital Asset Solutions.
The company will leverage Taurus’ products such as Taurus-PROTECT, Taurus-CAPITAL for creating and managing tokenized assets and Taurus-EXPLORER for providing blockchain connectivity to dozens of different blockchain protocols.
The digital custody product offering is yet to receive regulatory approval from the US regulator. However, the crypto regulatory landscape in the U.S. is improving as the Congress discusses crypto bills.
Custody Giant’s Deepens Crypto Push
State Street recently revealed plans to explore launching its own stablecoin and deposit token to enhance blockchain-based payment solutions. The company has been gradually expanding its offerings and incorporating crypto assets into its operations.
The third largest ETF manager offers fund administration and accounting to crypto ETFs. The company recently signed an agreement with Galaxy Asset Management to launch active crypto ETF, strengthening its presence in the burgeoning industry.
The recent launch of spot Bitcoin ETFs and spot Ethereum ETFs are driving massive institutional demand for crypto solutions. State Street even started hiring people in the crypto division recently amid the growth in crypto adoption in the traditional finance industry.
Matthew Sigel, head of digital assets research at VanEck, reacted to the latest move by the largest custodian bank in U.S. He belives the company “appears to get waiver from SAB 121, in order to accelerate tokenization plans.”
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