TradFi giant State Street to initiate crypto custody and tokenization services for institutional investors
Key Takeaways
- State Street enhances digital asset solutions through a strategic partnership with Taurus.
- The partnership focuses on automating digital asset issuance and servicing.
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State Street, a leading global asset manager with over $4 trillion in assets under management, announced Tuesday it is partnering with Taurus, a digital asset infrastructure provider, to enhance digital asset services for institutional investors. The firm is looking to add tokenization and digital custody services to its existing offerings.
The strategic collaboration will use Taurus’ solutions to automate the issuance and servicing of digital assets, including tokenized securities and fund management vehicles, State Street said in a press release.
The integrated solutions are Taurus-PROTECT (custody), Taurus-CAPITAL (issuance and tokenization), and Taurus-EXPLORER (blockchain connectivity). These are also Taurus’ leading products. Taurus-PROTECT and Taurus-CAPITAL have already been integrated into the Stellar Network.
With Taurus’ advanced technology, State Street aims to deliver a platform that supports the entire digital investment lifecycle for clients. The firm said the collaboration with Taurus could help it cater to the growing demand for digital asset solutions among institutional investors.
“We are excited to be working with Taurus as we continue to elevate our digital asset capabilities and deliver the innovative solutions our clients have been seeking,” said Donna Milrod, chief product officer at State Street and head of State Street Digital.
The new offerings are expected to launch after gaining regulatory approval, State Street noted.
“We are thrilled to have been chosen by State Street as a strategic partner for custody and tokenization and are excited about our collaboration and the opportunity to introduce innovative digital asset products and services to the industry,” said Lamine Brahimi, co-founder and managing partner of Taurus.
State Street has been actively involved in the digital asset space in recent years. Earlier this year, State Street Global Advisors (SSGA), the asset management arm of State Street, announced a collaboration with Galaxy Digital to launch exchange-traded funds that target investments in crypto-related equities and ETPs.
Last month, State Street said it was considering the creation of stablecoins and tokenized deposits to enhance blockchain-based transfers.
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Author: Vivian Nguyen
