State Street Corp., one of the asset management groups with $42.6 trillion worth of assets under management has announced it would start offering crypto reporting, reconciliation, and processing services to its private-fund clients. The asset manager has partnered with Lukka Inc., a crypto software service provider for its fund administration services who would also offer data for valuation services to the private fund clients.
State Street also launched a Digital subsidiary last month to focus on the company’s services for cryptocurrencies, CBDCs, blockchain, and tokenization of Securities.
Nadine Chakar, the head of State Street Digital said,
“The growth in popularity of digital assets is showing no signs of a slowdown and State Street Digital is committed to continuing to build out the necessary infrastructure to further develop our digital assets servicing models to help meet our clients’ growing demands,”
The crypto fund offering by State Street reaffirms the growing demand for crypto assets among wealthy institutional clients.