[ANN] State Street and Gemini Announce Digital Asset Pilot

State Street today announced it would launch a new digital asset pilot with Gemini Trust Company, LLC, a cryptocurrency exchange and custodian launched by the Winklevoss twins.

The pilot explores reporting scenarios on a user’s holdings within Gemini Custody. The pilot reports holdings on two cryptocurrencies, which have been chosen for liquidity reasons. The pilot applied to holdings such as security tokens, too. Users can consolidate the reporting of their digital assets, which have been serviced by Gemini, an independent digital asset custodian, with traditional assets serviced by State Street.

“We want to evolve our business with our clients’ needs. The digital asset space is still nascent, yet it promises opportunities that could fundamentally impact how we do things in the future,” said Ralph Achkar, managing director, Digital Product Development & Innovation at State Street. “There is small, but growing demand from our clients for solutions of this type and many technical, operational, regulatory, and legal considerations to be addressed. That is why we have opted for an open model, and started a pilot with Gemini as an established, regulated player in the digital asset space.

“Given State Street’s leadership position in asset servicing, this project felt like a natural extension of those services as we continue to explore and evaluate opportunities to provide innovative solutions to our clients.”

State Street Corporation provides financial services to institutional investors, such as investment servicing, investment management and investment research and trading. It has $32.90 trillion in assets under custody and administration and $2.95 trillion in assets under management.

“Working with State Street is a major milestone for Gemini and digital assets as a mainstream asset class. With trillions of dollars in assets under management, State Street will never compromise on security — and neither will we,” said Tyler Winklevoss, CEO of Gemini, which allows customers to buy, sell, and store cryptocurrencies like bitcoin, bitcoin cash, ether, Litecoin, and zcash. “Traditional investors will more seamlessly be able to allocate capital in their portfolio to digital assets through trusted and regulated financial institutions — helping us build a better bridge to the future of money.”

source: https://goldsilverbitcoin.com/state-street-and-gemini-announce-digital-asset-pilot/