By partnering with Lukka, the company will provide services such as crypto processing and reporting to private fund clients
Financial services company State Street announced yesterday that it will offer fund management functions for digital and cryptocurrency assets to its private fund clients through its partnership with crypto asset solutions provider Lukka.
State Street Digital’s alternate director Jen Tribush stated: “As our clients continue to use digital assets such as crypto, we have seen increasing investor interest in institutional quality middle and back office offerings that support diversified portfolios. Lukka was the ideal partner to provide these services as State Street continues to expand our growing digital asset offering due to its leadership in crypto asset data. “
State Street is aimed at institutional investors with its investment service, management, and research and held $ 42.6 trillion in assets under custody and / or management as of the end of June 2021. Processing and reporting to your private fund clients.
Last month, State Street launched a new digital finance division called State Street Digital to expand the company’s capabilities to include blockchain, crypto, tokenization, and central bank digital currencies.
State Street also led Lukka’s Series C funding round last December, which enabled the Institute of Digital Assets to develop software and data solutions to support the adoption of crypto in traditional businesses.
Lukka CEO Robert Materazzi commented: “Large, traditional funds are quick to try to add crypto to their offerings, leading to them asking their existing, trusted service providers like State Street to manage the funds. State Street quickly recognized the importance of building crypto asset support skills and we are proud to work with them as funds seek to diversify their portfolios quickly. “
The Lukka product suite includes Lukka Reference Data and Lukka Prime Pricing Data as well as a proprietary middle and back office data management solution for crypto asset and blockchain data. With the support of these products, State Street customers can now create and manage portfolios that mix cryptocurrencies with traditional alternative investments.