Finance giant State Street expands cryptocurrency services as demand for traditional funds increases

State Street Corporation, one of the world’s leading providers of financial services for institutional investors, announced the expansion of its crypto assets in partnership with corporate data and software provider Lukka.

New Crypto Services Launch On State Street
State Street Corporation announced its new cryptocurrency services on Thursday. The announcement said the financial services provider, in partnership with Lukka, would “add the management capabilities of digital and cryptocurrency asset funds for corporate clients of private funds.”, :

State Street will support private fund clients in collecting, standardization, enrichment, reconciliation, processing and reporting against crypto and other digital assets.

Boston HQ provides financial services and banking conglomerate, Investment Services, Investment Management, Investment Research and trading services. State Street operates in over 100 geographic Sundays worldwide. As of June 30, the company’s assets were $ 42.6 trillion in storage and / or under management, with assets under management (AUM) valued at $ 3.9 trillion.

The financial services provider recently launched State Street Digital, a unit focused on solving the problem of switching from industry to digital finance. He also led Lucca’s Series C funding round in December 2020.

Nadine Cakar, president of State Street Digital, comments:

The rise in popularity of digital assets shows no signs of slowing down … Our work with Lukka will use their software and data to extend the management capabilities of digital and crypto asset funds to alternative managers.

Specifically, State Street will use the Lukka product suite, which includes its own middle and back office data management solution, reference data and pricing data.

Jen Tribush, one of the leading alternatives to State Street Digital, said: “as our customers continue to promote digital assets such as crypto, we are seeing increased interest.

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