State Street Partners with Taurus to Enhance Digital Asset Services

State Street has announced a strategic partnership with crypto custodian Taurus to enhance its offerings in tokenization and digital custody services for institutional investors.

This move, revealed on August 20, aligns with State Street’s efforts to innovate in the rapidly evolving digital asset space. By integrating Taurus’ advanced solutions, State Street aims to bolster its capabilities in managing and securing digital assets for its clients.

The partnership will see State Street incorporate Taurus’ services, including Taurus-PROTECT for secure asset management and Taurus-CAPITAL for tokenized asset creation. Additionally, Taurus-EXPLORER will facilitate connectivity across various blockchain networks, further enhancing State Street’s digital asset services.

This collaboration represents a significant step in expanding State Street’s existing suite of fund administration and digital asset accounting services, addressing the growing demand for sophisticated crypto asset solutions.

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Donna Milrod, the head of digital asset solutions at State Street, emphasized the importance of this partnership in reinforcing their position as a leader in the digital asset industry. “Partnering with Taurus underscores our continued dedication to establishing ourselves as leaders in this rapidly growing asset class,” Milrod stated. “This announcement further reinforces our commitment to delivering an exceptional digital asset experience to our clients.”

The introduction of these digital custody services is subject to regulatory approval from US authorities, which State Street is currently pursuing. The company is also exploring the development of its own stablecoin and deposit token to enhance blockchain-based payment solutions, reflecting its broader strategy of integrating innovative digital financial products. As the third-largest ETF manager globally, State Street is actively expanding its crypto-related offerings, recently partnering with Galaxy Asset Management to launch a new actively managed crypto ETF, solidifying its presence in the expanding digital asset market.

Alexander Stefanov