On August 20, State Street Corporation (NYSE: STT), one of the world’s leading providers of financial services to institutional investors with $44.3 trillion in assets under custody and/or administration and $4.4 trillion in assets under management as of 30 June 2024, announced a new partnership with Taurus SA, a company recognized for its digital asset infrastructure services. This strategic agreement aims to enhance State Street’s digital asset offerings by integrating tokenization and digital custody services, crucial additions to their existing Fund Administration and Accounting capabilities for digital assets.
State Street Corporation is a financial services company that specializes in providing custodial and administrative services for institutional investors. This includes managing and safeguarding financial assets for entities such as mutual funds, pension funds, and insurance companies. In addition to asset custody, State Street offers investment management, research, trading, and data services to help clients manage and monitor their investments. The company plays a critical role in ensuring the smooth execution of financial transactions and the management of investment products, focusing on the needs of large-scale institutional clients.
State Street plans to incorporate Taurus’s technology into its own suite of services, particularly within State Street Digital Asset Solutions. The partnership is designed to provide more comprehensive tools for managing digital assets throughout their lifecycle.
According to the press release, the collaboration will allow State Street to leverage Taurus’s expertise in tokenization, digital custody, and node management. These services are expected to automate the issuance and servicing of digital assets, including digital securities and fund management vehicles, while adhering to institutional standards.
The partnership is positioned to meet the growing demand for advanced digital asset solutions among State Street’s clients. As part of this, State Street will be integrating three key products from Taurus: Taurus-PROTECT, which focuses on digital asset security; Taurus-CAPITAL, which facilitates the creation and management of tokenized assets; and Taurus-EXPLORER, which provides connectivity to a wide range of blockchain protocols.
Donna Milrod, State Street’s chief product officer and head of Digital Asset Solutions, had this to say:
“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. We are excited to be working with Taurus as we continue to elevate our digital asset capabilities and deliver the innovative solutions our clients have been seeking.“
As digital assets continue to gain traction in the financial world, this partnership represents a significant step by State Street to ensure it can meet the evolving needs of its institutional clients. However, the full implementation of these services will be subject to regulatory approval.
Featured Image via Pixabay
