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Financial Giants State Street & Bank of America Double Down On Crypto

Sead Fadilpašić
Last updated: | 1 min read

US-based major players in the world of traditional finance continue incorporating crypto in their offerings to existing clients, and/or investing in crypto-related companies.

Source: iStock/E_Y_E

Financial services provider State Street Corporation said it will provide digital and cryptocurrency asset fund administration capabilities for its private funds clients, in partnership with enterprise crypto asset data and software provider Lukka.

The firm will support its private fund clients with “collection, standardization, enrichment, reconciliation, processing and reporting related to crypto and other digital assets” with the “same quality and precision as traditional assets for private fund managers.”

The partnership follows the launch of State Street Digital, a division focused on the industry’s shift to digital finance. State Street said it will leverage Lukka’s product suite, which includes a middle and back office data management solution built for blockchain and crypto asset data, as well as Lukka Reference Data and Lukka Prime Pricing Data.

“This will enable State Street to consume crypto assets that are comingled within a private client’s traditional alternative investments portfolios,” they added.

Meanwhile, blockchain infrastructure platform Paxos (PAX) has announced the addition of the Bank of America (BofA), to the list of strategic investors in its Series D round of funding, along with Coinbase Ventures, Founders Fund, and FTX.

This follows the initial announcement of USD 300m in Series D funding in April, led by Oak HC/FT with participation from previous investors Declaration Partners, PayPal Ventures, Mithril Capital, and others.

Paxos has raised more than USD 540m to date, at a valuation of USD 2.4bn.

Meanwhile, earlier in July, BofA reportedly approved bitcoin (BTC) trading futures for some clients.
Learn more:
USD 3 Trillion Corporation State Street Goes Crypto
JPMorgan Gives Its Clients Access To Bitcoin, Ethereum & Other Trusts – Report

America’s Oldest Bank, BNY Mellon, Doubles Down On Its Crypto Strategy
Bank of America Doesn’t Like Anonymity of Cryptocurrencies