A big name in financial services, State Street Corporation, has announced the start of a brand-new digital asset platform made just for large businesses. On August 20, the company announced a new platform that will add tokenization services, node management, and custody support to its existing products. State Street is putting itself at the top of the digital asset space by teaming up with Taurus, a well-known provider of digital asset infrastructure.
Taurus’s advanced products, such as Taurus-PROTECT, Taurus-CAPITAL, and Taurus-EXPLORER, are used by the platform to provide complete solutions for controlling and releasing digital assets. As part of these services, digital stocks and fund management vehicles will be taken care of, making the process easier for big clients. Lamine Brahimi, co-founder and managing partner of Taurus SA, says that combining custody and tokenization is important for properly handling tokenized assets.
This move by State Street comes at a time when big businesses are becoming more interested in digital assets. The company’s digital asset solutions are designed to meet the growing need by offering strong, safe, and dependable services. This project is part of a growing trend among institutions to use digital assets. This trend was sparked by the release of investment vehicles like BlackRock’s spot Bitcoin ETFs in the US.
New data shows that people are becoming more and more interested in digital assets. In the second quarter of 2024, a lot of big Bitcoin owners either kept or increased the amount of Bitcoin they owned. In particular, 44% of these buyers have put more money into Bitcoin, which shows that they have more faith in the asset.
Also, money could come into Ethereum ETFs of up to $10 billion in the first year of trading, which shows how much people want to trade in digital assets. Financial companies like Morgan Stanley are also changing. For example, the company recently let its managers suggest Bitcoin ETFs, which shows that digital assets are becoming more accepted
Even though the market is unstable, huge amounts of money are still pouring into Bitcoin ETFs. On August 15, alone, $11 million was spent. This toughness shows that people are still confident in investing in digital assets.
Together with Taurus, State Street created a new digital asset platform that is a big step forward in how the financial services industry is adapting to the digital asset change. As more and more institutions use digital assets, State Street is ready to offer the creative solutions that are needed to adapt to this new environment.
