The second oldest bank in the United States, State Street Corporation, has entered into a partnership with Swiss crypto service provider Taurus. The collaboration will enable the bank to offer comprehensive blockchain services to its clients.
State Street is a leading global provider of institutional financial services. With $4.4 trillion in assets under management, the bank operates in more than 100 geographic markets around the world and employs approximately 53,000 people. The partnership with Taurus will help State Street deliver an integrated business and operational model for the full lifecycle of digital assets. This strategic partnership further advances the world's largest custodian bank into the crypto space.
Subscribe to our newsletter
The best articles of the week, directly delivered into your mailbox.
Positioning in the growing asset class
Even century-old companies are beginning to recognize the potential of blockchain technology and products based on it. As early as 2022, State Street took the first steps to position itself in the crypto space. This expansion comes amid a broader wave of adoption on Wall Street, indicating the bank's desire to maintain its lead.
“The collaboration with Taurus underscores our ongoing commitment to further establishing ourselves as leaders in this growing asset class, and this important announcement only enhances our ambition to deliver to our clients an amazing digital asset experience." - Donna Milrod, State Street’s Chief Product Officer and Head of State Street Digital
The partnership allows the bank to further expand its capabilities in the crypto space and deliver the innovative solutions clients have been asking for. State Street will leverage Taurus' fully integrated custody, tokenization and node management solutions. This will automate the issuance and management of digital assets, including digital securities and fund management vehicles, in accordance with institutional standards. Taurus also expressed its satisfaction with the collaboration.
“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.” - Lamine Brahimi, Co-Founder and Managing Partner of Taurus
