Today State Street announced that it has selected Swiss-based Taurus for digital asset custody and tokenization technology. Earlier this year State Street Digital reorganized the division with a few layoffs. The aim was to integrate State Street Digital into the bank’s traditional custody product group.
It’s a big win for Taurus, but State Street is not its first major banking customer. It counts Deutsche Bank, CACEIS and Santander as clients and received investment from Credit Suisse, Deutsche Bank, Arab Bank Switzerland and Pictet Group. However, in terms of custody, State Street is in a different league, with $44.3 trillion in assets under custody or administration, a close second to BNY Mellon.
“We are excited to be working with Taurus as we continue to elevate our digital asset capabilities and deliver the innovative solutions our clients have been seeking,” said Donna Milrod, State Street’s chief product officer and head of Digital Asset Solutions.
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