The partnership with Lukka will allow State Street to service digital assets with the same quality and precision as traditional assets for private fund managers.
State Street Corporation has partnered Lukka, a leading enterprise crypto asset data and software provider, to offer digital and cryptocurrency asset fund administration capabilities for the firm’s private funds clients.
State Street Corporation, with US$42.6 trillion in assets now under custody, is expanding its digital asset capabilities, stating, “The growth in popularity of digital assets is showing no signs of a slowdown”.
The partnership with Lukka will allow State Street to service digital asset with the same quality and precision as traditional assets for private fund managers.
“State Street will support its private fund clients with collection, standardization, enrichment, reconciliation, processing and reporting related to crypto and other digital assets,” the bank stated.
In June, the oldest US bank launched ‘State Street Digital’ – a new dedicated crypto division focused on addressing the industry’s evolving shift to digital finance.
The digital asset technology partnership is State Street’s latest effort in the digital and crypto asset space following the launch of State Street Digital and comes after Lukka’s Series C funding round in December of 2020, which was led by State Street.
Nadine Chakar, head of State Street Digital, commented:
“Our work with Lukka will leverage their software and data in order to help expand our digital and crypto asset fund administration capabilities to alternative managers is just another advancement in our digital solution set and marks a very exciting development.”
Jen Tribush, alternatives lead for State Street Digital, said:
“As our clients continue to adopt digital assets, such as crypto, we’ve seen increasing interest among investors for institutional quality middle and back-office offerings that support diversified portfolios.”