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News Jul 29, 2021 5:44 PM EST

State Street Corporation to offer cryptocurrency services to their private-fund clients

State Street Corporation, in partnership with Lukka, will now be offering cryptocurrency services to its private-fund clients including cryptocurrency reporting, reconciliation and processing services.

State Street Corporation to offer cryptocurrency services to their private-fund clients
Hannah Nightingale Washington DC

State Street Corporation, in partnership with Lukka, will now be offering cryptocurrency services to its private-fund clients including cryptocurrency reporting, reconciliation and processing services.

According to Bloomberg, the corporation will be partnering with the middle- and back-office crypto software provider Lukka for the fund-administration services.

Lukka will reportedly also be providing the corporation’s private-fund clients with data to support valuation services, Lukka spokesman Brian Brown told Bloomberg.

According to Bloomberg, "Boston-based State Street is one of the world’s largest custodians, with $42.6 trillion in assets either under custody or administration."

The announcement follows a growing trend of Wall Street companies experimenting with blockchain.

State Street reportedly created a new division last month called State Street Digital, led by Nadine Chakar, which looks to expand the corporation’s crypto services, amongst other digital services.

"The growth in popularity of digital assets is showing no signs of a slowdown and State Street Digital is committed to continuing to build out the necessary infrastructure to further develop our digital assets servicing models to help meet our clients’ growing demands," Chakar said in a statement.

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