Combined effort
State Street Corporation announced yesterday a new digital asset pilot in collaboration with Crypto exchange, Gemini Trust Company, LCC (Gemini). The pilot will build on ongoing research and development in the digital asset space to combine Gemini Custody with State Street’s back-office reporting.
This will be the first one of its kind. This pilot performs reporting scenarios on a user’s holdings within Gemini Custody.
State Street Corporation is one of the world’s leading providers of institutional financial services with $32.9 trillion in assets under its custody and $2.95 trillion under management.
Increased demand
Gemini owned and operated by the Winklevoss brothers is a licensed digital asset exchange and qualified custodian. Since they opened their mission has been to ‘building a bridge to the future of money’.
“There is small, but growing demand from our clients for solutions of this type, and many technical, operational, regulatory, and legal considerations to be addressed. That is why we have opted for an open model and started a pilot with Gemini as an established, regulated player in the digital asset space,” said Ralph Achkar, managing director of Digital Product Development & Innovation at State Street.