State Street and Gemini Launch Digital Asset Pilot
December 17 2019 - 5:00AM
Business Wire
State Street Corporation (NYSE:STT), today announced a new
digital asset pilot in collaboration with Gemini Trust Company, LLC
(Gemini), a cryptocurrency exchange and custodian. The pilot builds
on ongoing research and development in the digital asset space to
combine Gemini Custody™ with State Street’s back office
reporting.
The first of its kind, this pilot performs reporting scenarios
on a user’s holdings within Gemini Custody. Initially, the pilot
reports holdings of two cryptocurrencies chosen for liquidity
reasons. However, it can be adapted to report on holdings of other
digital assets, such as security tokens. It allows the user to
consolidate the reporting of their digital assets serviced by
Gemini, an independent digital asset custodian, with their
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.”
"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. "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."
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $32.90 trillion in assets
under custody and administration and $2.95 trillion* in assets
under management as of September 30, 2019, State Street operates
globally in more than 100 geographic markets and employs
approximately 40,000 worldwide. For more information, visit State
Street's website at www.statestreet.com.
* Assets under management include the assets of the SPDR® Gold
ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $44
billion as of September 30, 2019), for which State Street Global
Advisors Funds Distributors, LLC (SSGA FD) serves as marketing
agent; SSGA FD and State Street Global Advisors are affiliated.
About Gemini Trust Company Gemini Trust Company, LLC
(Gemini) is a cryptocurrency exchange and custodian that allows
customers to buy, sell, and store cryptocurrencies like bitcoin,
bitcoin cash, ether, litecoin, and zcash. Gemini is a New York
trust company that is subject to the capital reserve requirements,
cybersecurity requirements, and banking compliance standards set
forth by the New York State Department of Financial Services and
the New York Banking Law. Gemini was founded in 2014, by twin
brothers Cameron and Tyler Winklevoss to build a bridge to the
future of money.
Important Information The material presented herein is
for informational purposes only and does not constitute, nor should
it be considered or relied upon as, investment research or
investment, legal, or tax advice nor should it be considered an
offer or solicitation to buy or sell any product, service,
investment, security or financial instrument or to pursue any
trading or investment strategy. It should not serve as the basis
for investment decisions. Any views expressed herein are subject to
change based on market and other conditions and factors and are not
tailored to specific requirements, circumstances and / or
investment philosophies. Investing involves risk including the risk
of loss of principal.
State Street Corporation One Lincoln Street, Boston, MA
02111-2900.
© 2019 State Street Corporation - All Rights Reserved
Expiration date: December 31, 2020
Tracking Number 2871518.1.1.GBL.RTL
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version on businesswire.com: https://www.businesswire.com/news/home/20191217005238/en/
Brendan Paul +1 401 644 9182 Bpaul2@statestreet.com
@StateStreet
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