• Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
What's Hot

Turkey’s Defense Industry Experiences Rapid Growth and Record Arms Exports

March 28, 2023

How Rising Tobacco Prices are Affecting Smoking Cessation Around the World

March 8, 2023

Is it possible to buy NFT and help the Ukrainian army at the same time?

February 17, 2023
Facebook Twitter Instagram
  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
CryptodailyNews24
  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
CryptodailyNews24
Home»Crypto»US: State Street bank to offer crypto custody services
Crypto

US: State Street bank to offer crypto custody services

Donald MunnBy Donald MunnMarch 10, 2022Updated:September 29, 2022No Comments2 Mins Read
Share
Facebook Twitter LinkedIn Pinterest Email

Boston-based US bank State Street is partnering with Copper.co to offer crypto custody services for institutional clients. 

State Street enters the crypto sector

Bloomberg reports that the bank wants to have an infrastructure in place to enable digital wallet custody services for its institutional clients by the end of this year. 

Moreover, this would only be the first step in the bank’s expansion into the cryptocurrency sector, having launched a dedicated digital division in June 2021. 

State Street Digital chief Nadine Chakar said: 

“Today we’re talking custody, but sky’s the limit”.

State Street is one of the largest US banks 

State Street Corporation is a US bank founded as early as 1792 in Boston. It is listed on the NYSE, and is one of the largest asset management companies in the world, with $4.1 trillion in assets under management and $43.7 trillion in custody and administration. 

It is so big that it was included by the Financial Stability Board in the list of “too big to fail” banks. 

Bitcoin banksInstitutional investors are increasingly interested in Bitcoin

Institutional investors choose banks for cryptocurrencies

The Copper deal clearly shows how this secular bank is embracing cryptocurrencies, as its new infrastructure will allow it to store for example Bitcoin, Ethereum, Cardano, Solana and Polkadot. 

The thing is that institutional clients have such high regulatory standards that they cannot be too exposed, but they are still interested in cryptocurrencies. 

These investors prefer to entrust the physical management of the tokens to some regulated, well-equipped and insured entity, so that they have neither regulatory nor technical problems. 

For this reason, even secular banks like State Street are basically forced to integrate crypto services, otherwise they risk losing large institutional clients, or seeing their funds under management reduced. 

By now, cryptocurrencies, and Bitcoin in particular, have become so much a part of the global financial system that no major investor can really imagine being able to stay out of it completely. 

For this type of investor, the only solution is to rely on solid, reliable, financially well-covered structures, and perhaps with a long and powerful reputation to uphold. 

 

The post US: State Street bank to offer crypto custody services appeared first on cryptodailynews24.com.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
Donald Munn
Donald Munn
  • Website

Related Posts

The best PR films to inspire your crypto marketing strategy

January 2, 2023

Japan: tax breaks proposed for crypto investors

September 1, 2022

Bitcoin may have hit its low after Powell’s speech

September 1, 2022

Ripple’s plans to tokenize land in Colombia did not take off

September 1, 2022
Add A Comment

Comments are closed.

Advertisement
Top Posts

Subscribe to Updates

Get the latest sports news from SportsSite about soccer, football and tennis.

The latest news about Bitcoin, ICO, blockchain and fintech.

Top Insights

Turkey’s Defense Industry Experiences Rapid Growth and Record Arms Exports

March 28, 2023

How Rising Tobacco Prices are Affecting Smoking Cessation Around the World

March 8, 2023

Is it possible to buy NFT and help the Ukrainian army at the same time?

February 17, 2023
Get Informed

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

  • Home
  • Blockchain
  • Crypto
  • Defi
  • NFT
  • Trading
  • World News
  • Contact
© 2023 cryptodailynews24.com Submit news release

Type above and press Enter to search. Press Esc to cancel.