State Street, one of the oldest banks in the US, has signed an agreement with Copper.co, a London-based crypto custodian, to develop and launch an institutional grade crypto custody. According to a press release, the deal — which is yet subject to regulatory approval — aims to offer clients services to store and settle cryptocurrencies within an environment operated by State Street.
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Nadine Chakar, Head of State Street Digital, says the decision to enter into a partnership with Copper.co reflects the growing interest of institutional investors in cryptocurrencies. He continued:
"State Street Digital's mission continues to focus on putting the right tools in place so we can provide clients with solutions to support their traditional, as well as digital assets needs."
The partnership comes after reports said Copper.co's valuation might hit $2.5 billion as the company was talks to raise $500 million in a new funding round. Last year, Philip Hammond, the former UK chancellor, joined Copper.co as a senior adviser. Hammond advices the Copper.co team on its way to global expansion and focuses on promoting the UK as a leader in the cryptocurrency market on this role.
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