State Street Corporation (NYSE:STT), announced a new digital asset pilot in collaboration with Gemini Trust Company, LLC (Gemini), a cryptocurrency exchange and custodian. The pilot builds on ongoing research and development in the digital asset space to combine Gemini Custody™ with State Street’s back office reporting.
State Street Corporation (NYSE:STT), announced a new digital asset pilot in collaboration with Gemini Trust Company, LLC (Gemini), a cryptocurrency exchange and custodian. The pilot builds on ongoing research and development in the digital asset space to combine Gemini Custody™ with State Street’s back office reporting.
The first of its kind, this pilot performs reporting scenarios on a user’s holdings within Gemini Custody. Initially, the pilot reports holdings of two cryptocurrencies chosen for liquidity reasons. However, it can be adapted to report on holdings of other digital assets, such as security tokens. It allows the user to consolidate the reporting of their digital assets serviced by Gemini, an independent digital asset custodian, with their traditional assets serviced by State Street.
“We want to evolve our business with our clients’ needs. The digital asset space is still nascent, yet it promises opportunities that could fundamentally impact how we do things in the future,” said Ralph Achkar, managing director, Digital Product Development & Innovation at State Street. “There is small, but growing demand from our clients for solutions of this type and many technical, operational, regulatory, and legal considerations to be addressed. That is why we have opted for an open model, and started a pilot with Gemini as an established, regulated player in the digital asset space.
“Given State Street’s leadership position in asset servicing, this project felt like a natural extension of those services as we continue to explore and evaluate opportunities to provide innovative solutions to our clients.”
“Working with State Street is a major milestone for Gemini and digital assets as a mainstream asset class. With trillions of dollars in assets under management, State Street will never compromise on security — and neither will we,” said Tyler Winklevoss, CEO of Gemini. “Traditional investors will more seamlessly be able to allocate capital in their portfolio to digital assets through trusted and regulated financial institutions — helping us build a better bridge to the future of money.”
