State Street partners with Lukka to expand digital and cryptocurrency asset fund administration

By Pavithra R

State Street Corporation, a leading financial services provider serving some of the world’s most sophisticated institutions has announced that it will provide digital and cryptocurrency asset fund administration capabilities for the firm’s private funds clients.

In partnership with Lukka, a leading enterprise crypto asset data and software provider, State Street will support its private fund clients with collection, standardization, enrichment, reconciliation, processing and reporting related to crypto and other digital assets.

“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. Our work with Lukka will leverage their software and data in order to help expand our digital and crypto asset fund administration capabilities to alternative managers is just another advancement in our digital solution set and marks a very exciting development,” said Nadine Chakar, head of State Street Digital.

The collaboration marks State Street’s latest effort in the digital and crypto asset space following the launch of State Street Digital, a division focused on addressing the industry’s evolving shift to digital finance, and comes after Lukka’s Series C funding round, which was led by State Street.

State Street will leverage Lukka’s product suite, which includes a proprietary middle and back-office data management solution, purpose-built for blockchain and crypto-asset data, 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.

“State Street is leading the charge to usher in the next generation of fund administration. 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. State Street was quick to recognize the importance of building capabilities to support crypto assets and we are proud to partner with them as funds quickly look to diversify their portfolios,” said Robert Materazzi, CEO of Lukka.