Yesterday Coindesk revealed that State Street Digital has ended its licensing agreement with digital asset custody technology provider Copper ‘by mutual agreement’. Copper is making redundancies and closing its enterprise infrastructure division.
State Street confirmed that the break up was by mutual agreement. Copper‘s reputation has mainly been established in the crypto sector. Since the collaboration with State Street was announced last year, institutions have shifted focus toward tokenizing assets and securities versus cryptocurrencies. The crypto side of digital assets also faces regulatory headwinds, particularly in the U.S., where State Street is headquartered.
Two questions remain about which alternative technology partner State Street will contract with and the impact on the launch date of State Street’s offering.
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