Shares of State Street Corp. surged 5.3% in morning trading Wednesday, after the provider of banking and trust services announced a collaboration with U.K.-based Copper.co as it looks to launch an “institutional grade” digital custody offering. State Street said clients will be able to store and settle digital assets within a secure environment, as the bank assists its institutional clients to transition to and thrive in the digital economy. Copper.co provides institutional digital asset custody and trading infrastructure. The announcement comes as President Biden is set to sign an executive order requiring federal agencies to review their policies related to digital assets, such as cryptocurrencies. “As institutional investors’ interest in digital assets continues to grow, we are building the financial infrastructure needed to support our clients’ allocations to this new asset class,” said Nadine Chakar, head of State Street Digital. State Street’s stock has shed 11.1% over the past three months, while the S&P 500 has lost 9.0%.
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