State Street Partners with Copper to Offer Crypto Custody for Institutional Clients

Slate Street – a bank holding company headquartered in Boston – has partnered with crypto infrastructure provider “Copper” to launch institutional-grade digital asset custody for its clients.

• Upon regulatory approval, the firm will offer custody services for some of the most “active” cryptocurrencies including Bitcoin, Ethereum, Cardano, Solana, and Polkadot.
• “The firm will leverage its robust infrastructure and vast experience to assist clients’ transition and thrive in the new digital economy,” reads a press release provided by Slate Street.
• The partnership with Copper shows Slate’s willingness to use the infrastructure provider’s existing technology instead of repurposing their own firm to manage digital assets. Copper already provides settlement solutions for 450 different cryptocurrencies, across over 40 exchanges.
• Nadine Chakar – head of Slate Street – said his company is building the infrastructure to support their clients’ crypto allocations as they grow more interested in the asset class.
• Meanwhile, Copper COO Sabrina Wilson called the partnership a “hugely important” development regarding institutional involvement with crypto.
• A Fidelity survey from July of last year found that 70% of institutional investors are interested in buying crypto in the future.
• This January, SEBA bank’s CEO predicted that institutional investments would push Bitcoin’s price to $75,000 this year. ARK Invest CEO Cathie Wood is bullish for similar reasons, believing Bitcoin can pass $500k if just 5% of institutional money enters the asset.
• Slate Street’s investment management division had $4.14 trillion AUM as of December 31st, 2021.