Both State Street and Citi are planning to enter the crypto custody space, according to The Information, with State Street planning to launch next year. While the timing is new, State Street’s entry into crypto custody is not. Last year it partnered with Taurus for custody technology. With $46.6 trillion in assets under custody (AUC), State Street is the world’s second largest custodian and Citi is fourth with $25 trillion.
The SEC’s accounting rule SAB 121 blocked US banks from participating in digital asset custody for almost three years. Hence, State Street had an on-and-off relationship with digital assets. Now that SAB 121 has been rescinded, banks can engage in digital asset custody.
The bank launched State Street Digital in 2021 and partnered with UK based Copper for custody technology the following year.
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