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State Street and Bank of America Continue Investment in Crypto

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US major players in the financial world continue integrating crypto in their services to existing clients and investing in crypto-focused businesses.

Financial services corporation State Street Corporation says it will offer digital and crypto asset fund administration services to its private funds’ customers in conjunction with enterprise cryptocurrency asset data and software company Lukka.

The firm will offer private fund customers collection, enrichment, reconciliation, standardization, processing and reporting related to cryptocurrency and other digital assets with the quality and precision of traditional assets for private fund managers.

The partnership comes after the launch of State Street Digital, a department focused on the industry’s move to digital finance. State Street will use Lukka’s product suite, including back and middle office data management solutions for blockchain and cryptocurrency asset data and Lukka’s Reference and Prime Pricing Data. This will help State Street consume crypto assets combined with private customer’s traditional investments portfolios.

In the meantime, blockchain infrastructure platform Paxos (PAX) announced the integration of the Bank of America to strategic investors’ list in its Series D round of funding, together with Coinbase Ventures, FTX, and Founders Fund.

This is after the announcement of USD 300m in Series D funding, spearheaded by Oak HC/FT with contribution from past investors like PayPal VenturesMithril Capital, and Declaration Partners.

Meanwhile, in early July, Bank of America approved bitcoin trading futures for its customers.

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