State Street, the second-oldest continually operating US bank, has entered into a partnership with Lukka to expand cryptocurrency offering for its alternative investment clients. According to an official announcement, the bank will support its private fund clients with collection, standardization and reporting related to cryptocurrencies.
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"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," said Nadine Chakar, Head of State Street Digital.
The bank will reportedly use Lukka's back office data management solution purpose-built for blockchain and crypto asset data. With this tool, State Street will use cryptocurrencies within a private client's traditional alternative investments portfolios.
The partnership follows State Street's announcement of a new arm focused on cryptocurrencies. In June, Chakar said that the US custody bank was getting calls from "endowments and foundations" that are getting donations in cryptocurrencies and do not know what to do with it.
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