State Street partners with Taurus to enhance digital asset services

State Street Corporation, a prominent global financial services provider, has entered into a strategic partnership with digital asset infrastructure provider Taurus SA to significantly expand its digital asset services.

This collaboration is aimed at enhancing State Street’s existing fund administration and accounting capabilities by integrating advanced digital asset solutions, positioning the company as a leader in the burgeoning digital asset space.

State Street, which manages an impressive $44.3 trillion in assets under custody and administration as of June 30, operates in over 100 markets worldwide.

The partnership with Taurus is seen as a critical step in strengthening State Street’s digital asset offerings, providing clients with a comprehensive platform that includes tokenisation and digital custody services.

The collaboration will leverage three of Taurus’ industry-leading products: Taurus-Protect, Taurus-Capital, and Taurus-Explorer.

Taurus-Protect focuses on securing digital assets, while Taurus-Capital streamlines the process of creating and managing tokenised assets throughout their lifecycle.

Taurus-Explorer, on the other hand, provides connectivity to dozens of different blockchain protocols, facilitating seamless blockchain integration.

These tools will enable State Street to automate the issuance and management of digital assets, such as digital securities and fund management vehicles, pending regulatory approval.

Donna Milrod, State Street’s chief product officer, highlighted the significance of the partnership, stating that it underscores the company’s commitment to further establishing itself as a leader in the growing digital asset class.

By integrating Taurus’ advanced tools, State Street aims to offer its clients a robust and efficient digital asset management platform, enhancing the overall client experience.

Lamine Brahimi, co-founder of Taurus, expressed enthusiasm about the partnership, noting that it provides a unique opportunity to introduce cutting-edge digital asset products and services to the market.

He emphasised that the collaboration would bring innovative solutions to clients, reinforcing the strength and reliability of digital assets in the financial industry.

This strategic alliance marks a pivotal moment for State Street as it continues to expand its presence in the digital asset sector.

The partnership with Taurus not only enhances State Street’s service offerings but also positions the company to meet the evolving needs of its clients in the rapidly growing digital economy.