By Mark L - Cryptocurrency Specialist - 30-07-2021
State Street Corporation, a well-known American financial service provider and bank holding corporation are strengthening their drive into the cryptocurrency business by releasing new digital asset services. State Street has started to work with the brand Lukka to release new types of crypto-asset services after heading the firm's Series C fundraising round in late 2020.
State Street happens to be the country's second-oldest running bank. Just Thursday, the bank announced that it would launch its new digital and crypto asset management services to its private fund clients. The bank provides its private fund clients with full access to a suite of commercialised services to manage diverse portfolios.
State Street made a binding arrangement with Lukka, a U.S. based blockchain analysis and software platform focused on producing audit-ready data on large Bitcoin purchases. State Street is known for investing in the business Lukka, as part of their December 2020 Series C fundraising campaign.
As part of this collaboration, State Street will grant access to a portion of Lukka's unique products. This will include multi-layered pricing and transaction data, and their middle- and back-office data management solutions built for blockchain and digital asset analysis. State Street will then be enabled to acquire more crypto assets alongside their usual portfolios of private clients that also invest in cryptocurrency.
The new State Street Digital unit is centred on multiple features, including Crypto, blockchain technology in banking, central bank digital currencies (CBDC), and tokenisation research and tools.
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