State Street Taps Taurus To Offer Digital Asset Custody, Tokenization

Financial giant State Street on Tuesday said it has partnered with crypto custodian Taurus to offer tokenization and digital custody services to institutional investors. The firm plans to introduce innovative digital asset products and services to the crypto industry.

State Street Partners Taurus For Digital Asset Services

State Street Corp signed a strategic agreement with Taurus SA to offer crypto capabilities for State Street Bank and Trust Company clients, as per a press release on August 20.

The move was mainly targeted to enhance State Street Digital Asset Solutions. This company plans to boost crypto asset capabilities and deliver innovative solutions in high demand from clients. The agreement adds tokenization and digital custody services to the existing Fund Administration and Accounting capabilities for Digital Assets.

“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,” said Donna Milrod, the company’s head of Digital Asset Solutions.

The company will leverage Taurus’ products such as Taurus-PROTECT, Taurus-CAPITAL for creating and managing tokenized assets and Taurus-EXPLORER for providing blockchain connectivity to dozens of different blockchain protocols.

The digital custody product offering is yet to receive regulatory approval from the US regulator. However, the crypto regulatory landscape in the U.S. is improving as the Congress discusses crypto bills.

Custody Giant’s Deepens Crypto Push

State Street recently revealed plans to explore launching its own stablecoin and deposit token to enhance blockchain-based payment solutions. The company has been gradually expanding its offerings and incorporating crypto assets into its operations.

The third largest ETF manager offers fund administration and accounting to crypto ETFs. The company recently signed an agreement with Galaxy Asset Management to launch crypto ETFs, strengthening its presence in the burgeoning industry.

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