State Street partners with Lukka to bring crypto services to its private-fund clients

State Street Corporation has unveiled plans to offer cryptocurrency and digital asset services to its private-fund clients. 

The financial services company announced Thursday that it has partnered with crypto data and software provider Lukka to provide clients with collection, reconciliation and processing services. 

This development marks State Street’s latest step towards advancing into the crypto ecosystem. On June 11, the company announced the formation of “State Street Digital,” a new business unit specifically dedicated to digital assets, tokenization and crypto assets. 

According to State Street’s executive vice president Nadine Chakar, who leads the unit, the enthusiasm around digital services, especially crypto, has increased substantially.  

“There’s not a day that goes by that you don’t see some large hedge fund or some large investor, you know, outlining their support for digital,” she said last week on The Scoop. 

In December 2020, Lukka completed its Series C funding round, which State Street led with participation from S&P Global and CPA.com.