State Street Partners With Copper to Offer Crypto Custody For Institutional Clients

Slate Street – a bank holding company headquartered in Boston – has partnered with crypto infrastructure provider “Copper” to launch institutional-grade digital asset custody for its clients.

Upon regulatory approval, the firm will offer custody services for some of the most “active” cryptocurrencies including Bitcoin, Ethereum, Cardano, Solana, and Polkadot.

“The firm will leverage its robust infrastructure and vast experience to assist clients’ transition and thrive in the new digital economy,” reads a press release provided by Slate Street.

The partnership with Copper shows Slate’s willingness to use the infrastructure provider’s existing technology instead of repurposing their own firm to manage digital assets. Copper offers settlement solutions for over 40 cryptocurrencies.

Nadine Chakar – head of Slate Street – said his company is building the infrastructure to support their clients’ crypto allocations as they grow more interested in the asset class.

Meanwhile, Copper COO Sabrina Wilson called the partnership a “hugely important” development regarding institutional involvement with crypto.

Fidelity’s July 2017 survey found that 70% institutional investors are interested to buy crypto in the future.

This January, SEBA bank’s CEO predicted that institutional investments would push Bitcoin’s price to $75,000 this year. Cathie Wood, CEO of ARK Invest believes Bitcoin can surpass $500k if only 5% institutional money enters.

Slate Street’s investment management division had $4.14 trillion AUM as of December 31st, 2021.

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