State Street has signed up with crypto enterprise Lukka to provide clients with middle and back office capabilities for digital asset fund administration.
State Street intends to use Lukka's technollogy suite to support its private fund clients with collection, standardization, enrichment, reconciliation, processing and reporting related to crypto and other digital assets.
The partnership is the Wall Street firm's latest effort in the digital and crypto asset space following the launch of State Street Digital, a division focused on addressing the shift to digital finance, and comes after Lukka’s Series C funding round in December of 2020, which was led by State Street.
“The growth in popularity of digital assets is showing no signs of a slowdown and State Street Digital is committed to continuing to build out the necessary infrastructure to further develop our digital assets servicing models to help meet our clients’ growing demands,” says Nadine Chakar, head of State Street Digital.
She says the firm will utilise Lukka’s proprietary middle and back office data management software as well as Lukka Reference Data, and Lukka Prime Pricing Data. This will enable State Street to consume crypto assets that are comingled within a private client’s traditional alternative investments portfolios.
“As our clients continue to adopt digital assets, such as crypto, we’ve seen increasing interest among investors for institutional quality middle and back-office offerings that support diversified portfolios,” says Jen Tribush, alternatives lead for State Street Digital.“ Lukka was the ideal partner to help provide these services.”