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Global financial services provider State Street has announced a strategic partnership with digital asset infrastructure provider Taurus to enhance its digital asset services. This collaboration aims to offer a comprehensive digital platform, including tokenization and digital custody, expanding State Street’s existing capabilities in fund administration.
State Street Partners With Taurus to Expand Digital Asset Services
State Street Corporation (NYSE: STT) announced a strategic partnership with digital asset infrastructure provider Taurus SA on Tuesday. State Street, a leading global financial services provider, manages $44.3 trillion in assets under custody and/or administration as of June 30, operating in over 100 markets.
This partnership enhances State Street’s existing fund administration and accounting capabilities and aims to strengthen its digital asset solutions. Donna Milrod, State Street’s chief product officer, commented:
The collaboration with Taurus underscores our ongoing commitment to further establishing ourselves as leaders in this growing asset class.
The announcement explains: “State Street will be leveraging three of Taurus’ industry leading products including, Taurus-Protect, Taurus-Capital, which streamlines the process of creating and managing tokenized assets throughout their lifecycle, and Taurus-Explorer, which provides blockchain connectivity to dozens of different blockchain protocols.”
These tools will allow State Street to automate the issuance and management of digital assets, such as digital securities and fund management vehicles, subject to regulatory approval. Lamine Brahimi, Taurus’ co-founder, expressed enthusiasm about the partnership, noting that it offers a unique opportunity to introduce cutting-edge digital asset products and services to the market.