State Street Corporation, a major American financial services and bank holding firm is increasing its effort into the cryptocurrency market by offering new digital asset services.

State Street has announced that it would offer digital and cryptocurrency asset fund administration services to the firm’s private funds customers in collaboration with Lukka, a prominent enterprise crypto asset data and software supplier. The collaboration will enable the firm to service digital assets with the same quality and precision as it does traditional assets for private fund managers. Nadine Chakar, head of State Street Digital said,

Our work with Lukka will leverage their software and data to help expand our digital and crypto asset fund administration capabilities to alternative managers is just another advancement in our digital solution set and marks a very exciting development

State Street will give access to a set of Lukka’s unique products as part of the collaboration, including middle and back-office data management solutions built for blockchain and crypto-asset data, as well as reference and pricing data. It will enable State Street to consume crypto assets while incorporating them into a private client’s traditional alternative investment portfolio, thereby providing digital assets with the same quality and precision as traditional assets. Robert Materazzi, CEO of Lukka said,

Large, traditional funds are rapidly looking to add crypto to their offerings, which leads them to ask their existing, trusted service providers such as State Street for fund administration. State Street was quick to recognize the importance of building capabilities to support crypto assets and we are proud to partner with them as funds quickly look to diversify their portfolios

Related: Blockchain Australia proposes government to allow Crypto services in the Country

The announcement comes shortly after Street Digital created a new cryptocurrency and digital asset business. State Street operates internationally in more than 100 geographic areas and employs about 39,000 people worldwide, with $42.6 trillion in assets under custody and $3.9 trillion in assets under management as of June 30, 2021.

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