State Street inks institutional crypto custody deal with Copper

Boston-based bank State Street has announced a new crypto custody offering in partnership with Copper, the UK-based custodial startup.

“State Street Digital will leverage Copper.co’s technology to develop and, subject to receipt of regulatory and other approvals, launch an institutional grade digital custody offering where clients can store and settle their digital assets within a secure environment operated by State Street,” State Street said in its Wednesday morning announcement. 

Per the announcement, State Street's custody product “is subject to regulatory approval.”

State Street has long floated its custody ambitions since standing up a dedicated crypto unit last year, as The Block previously reported. 

“As the digital asset market continues to evolve, this collaboration will help our firm to expand our product offering and roadmap,” Swen Werner, head of digital custody for State Street Digital, said in a statement.

Last year, Copper was moving toward the raise of as much as $500 million in fresh funding.