State Street is set to enhance its digital assets business by introducing tokenization and digital custody services through a partnership with infrastructure provider Taurus.
This collaboration arrives at a time of unprecedented institutional interest in digital assets. Donna Milrod, State Street’s chief product officer and head of Digital Asset Solutions, emphasizes the firm’s dedication to delivering top-notch solutions in this evolving sector. “The collaboration with Taurus underscores our ongoing commitment to further establishing ourselves as leaders in this growing asset class. This important announcement only enhances our ambition to provide our clients with an exceptional digital asset experience,” she states.
As part of the agreement, State Street will implement Taurus’ integrated custody, tokenization, and node-management technology to automate the issuance and servicing of digital assets, including digital securities and fund management vehicles.
The Wall Street bank will adopt three products: Taurus-Protect, and Taurus-CapitalL, which simplifies the creation and management of tokenized assets throughout their lifecycle, as well as Taurus-EXxplorer, which enables blockchain connectivity to various blockchain protocols.
Lamine Brahimi, co-founder and managing partner of Taurus, expressed enthusiasm about the partnership, saying, “We are thrilled to have been chosen by State Street as a strategic partner for custody and tokenization, and we are excited about our collaboration and the opportunity to introduce innovative digital asset products and services to the industry.”