State Street Partners with Taurus to Tokenize Real-World Assets in Crypto Expansion

Aug 20, 2024, 11:57 AM

State Street, a global custody bank with $44.3 trillion in assets under custody and administration and $4.4 trillion in assets under management, has announced a strategic partnership with Swiss crypto firm Taurus. This collaboration aims to expand State Street's digital asset services by providing crypto custody and tokenization services. The partnership will enable the tokenization of real-world assets, making them tradable, and cater to the growing demand for digital asset services among institutional investors. State Street's move aligns with the trend of major financial institutions, such as Goldman Sachs and Morgan Stanley, investing in digital assets. The partnership involves a full service digital platform and leverages Ethereum and other chains. Despite this expansion, State Street will delay offering bitcoin custody until changes in SEC's SAB 121 accounting guidance occur.