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State Street to Provide Crypto Services to Private Funds
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State Street to Provide Crypto Services to Private Funds

State Street (STT) has recognized that the growth in popularity of digital assets and wants to expand in this space. It has partnered with crypto software provider Lukka to offer cryptocurrency asset fund administration services to clients.

State Street is a leading global financial services provider to institutional investors. It has assets worth $42.6 trillion under custody and an additional $3.9 trillion in assets under management. Its crypto services, to be offered in partnership with Lukka, will be aimed at private funds. The package will include the collection, processing, and reporting of crypto and other digital assets.

The company said the partnership with Lukka for crypto services marks its latest efforts into the digital assets and crypto space. It previously launched a digital finance division called State Street Digital.

“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,” commented Nadine Chakar, who oversees State Street Digital.

“Large, traditional funds are rapidly looking to add crypto to their offerings, which leads them to ask their existing, trusted service providers such as State Street for fund administration,” said Lukka CEO Robert Materazzi.

State Street and Lukka are more than partners in offering crypto services. In December 2020, State Street led a Series C funding for Lukka. (See State Street stock charts on TipRanks).

Yesterday, Morgan Stanley analyst Betsy Graseck reiterated a Buy rating on State Street stock and raised the price target to $117 from $95. Graseck’s new price target suggests 33.02% upside potential.

Consensus among analysts is a Moderate Buy based on 6 Buys and 4 Holds. The average State Street price target of $97.33 implies 10.65% upside potential to current levels.

STT scores an 8 out of 10 on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.

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