State Street partners with Taurus to provide Digital Asset Custody for Institutional Investors
State Street has announced a strategic partnership with Taurus to provide digital asset capabilities to institutional investors. The partnership is happening during a period of unprecedented institutional interest in digital assets.
Today, we are announcing an important collaboration with Taurus, a global leader in digital asset infrastructure, that will help us deliver trusted and reliable digital assets capabilities to our clients. The agreement further enhances State Street Digital Asset Solutions as we… pic.twitter.com/pdNwZy7kdf
— State Street (@StateStreet) August 20, 2024
State Street Chief Product Officer and Head of Digital Asset Solutions Donna Milrod said the company is thrilled to be partnering with Taurus as it pushes forward to improve State Street digital asset capabilities and provide clients with the innovative solutions they have been looking for.
"We are thrilled to have been chosen by State Street as a partner for digital asset custody and tokenization services," stated Lamine Brahimi, co-founder and managing partner of Taurus. Brahimi also expressed excitement about the Taurus partnership and opportunity to launch innovative digital asset products and services to the market.
State Street plans to use Taurus' custody, tokenization, and node-management solutions to automate the issuance and servicing of digital assets. In addition, the firm will leverage three of Taurus' best-selling products: Taurus Protect, Taurus Capital, and Taurus Explorer.
In June, State Street revealed plans to launch digital asset-based strategies in partnership with Galaxy Asset Management. It is expected that State Street Global Advisors and Galaxy will collaborate to develop new exchange-traded funds (ETFs) featuring digital assets as part of this partnership, with State Street Bank and Trust handling accounting and administrative functions. State Street Global Advisors' application to the U.S. Securities and Exchange Commission designates the new fund as the SSGA Active Trust.
With the introduction of the first listed exchange-traded fund (ETF) in the US in 1993, State Street Global Advisors has expanded to manage assets valued at more than $4.3 trillion, making it one of the largest ETF providers worldwide.
Most recently, State Street started to handle three of the first Spot Bitcoin ETFs that were made available to the general public in the US. Three digital custodians and the company service model were combined in these three ETFs. State Street additionally supplied cash custody and fund administration services for Australia's first Bitcoin exchange-traded fund in addition to acting as the issuing, paying, and administration agent for two new European ETCs.
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