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State Street Bank Selects Taurus for Crypto Custody and Tokenization

CointimeCointime2024/08/20 12:16
By:Cointime

According to CoinDesk, State Street Bank, a global custodian bank that manages $44.3 trillion in assets, has chosen cryptocurrency custody and tokenization company Taurus to provide digital asset services in response to a more relaxed regulatory environment in the United States. State Street Bank stated that its initial focus is on launching tokenized versions of traditional assets and will soon announce its first client. Donna Milrod, Chief Product Officer and Head of Digital Asset Solutions at State Street Bank, said the bank has been "very vocal" about the need to modify SAB 121, which could force banks holding cryptocurrencies to maintain significant capital to compensate for risk. "While we started with tokenization, it's not the end for us. Once US regulations are helpful to us, we will also provide digital custody services. We know how to be custodians. We won't do it on our balance sheet, we'll do it off our balance sheet. They're not our assets," Milrod said in an interview. Lamine Brahimi, co-founder and managing partner of Taurus in Switzerland, pointed out the benefits of tokenization, such as the ability to trade around the clock and optimize collateral management, while also echoing the need to improve the regulatory environment in the United States. "I am confident that this collaboration with State Street Bank will send a positive signal to the overall US financial market. Due to the impact of SAB 121, the US financial market has been lagging behind Europe," Brahimi said in an interview.

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