State Street, a Boston-based bank, has signed a license agreement with Copper.co to develop and launch an institutional-grade cryptocurrency custody product. The preparation of eBay, one of the largest e-commerce platforms in the world, for crypto money integration in March confirms that institutions continue their crypto money work without slowing down. According to the announcement made by State Street, Bitcoin and 3 popular altcoins will now be protected through a reliable digital wallet custodian service.
State Street signs institutional cryptocurrency custody agreement with Copper.co
The Boston-based giant bank has announced a new crypto custody offering in partnership with UK-based custody startup Copper. According to the announcement, State Street’s storage product will be “subject to regulatory approval.” The bank also announced last June that it is expanding its digital reach to include crypto, central bank cryptocurrency (CBDC), blockchain and tokenization, and will upgrade its existing GlobalLink platform to a multi-asset crypto trading system. State Street announced the Copper partnership in a press release today:
Subject to regulatory and other approvals, it will leverage Copper.co’s technology to develop and launch an enterprise-grade crypto custody offering where customers can store and place their cryptocurrencies in a secure environment operated by State Street.
The platform will store bank customers’ Bitcoin, ADA, SOL and a number of cryptocurrencies
Focusing on eliminating the risks that may occur when institutions invest in cryptocurrencies, Copper.co firm is preparing to keep the following cryptocurrencies of State Street customers.
Apart from these, various altcoins will be included in the scope.
The value of full assets under State Street Digital’s custody was $43.7 trillion as of December. Swen Werner, the bank’s head of digital custody, emphasized that the Copper.co partnership will help them expand into rapidly adopted cryptocurrencies:
As the cryptocurrency market continues to evolve, this collaboration will help our firm expand our product offering and roadmap.