State Street Breaks Relations With Cryptocurrency Custody Company Copper

A spokesperson for the bank said that State Street and Copper had mutually chosen to terminate their license relationship.

Global custody bank State Street said that it had severed ties with Copper, the bitcoin custody service that announced the closure of its enterprise infrastructure segment earlier on Thursday.

“State Street and Copper have mutually chosen to terminate their licence arrangement, and both businesses will continue to develop their digital initiatives within their respective product development goals,” a representative for State Street stated in an email.

The bank said that the “regulatory landscape for digital assets has grown further, as has the needs for servicing this asset class,” prompting State Street to work on “a multi-faceted approach for both tokenized securities and native tokens.”

Some of the crypto industry’s specialist banking partners have disbanded or withdrawn from crypto firms due to the most recent wave of uncertainty. Thursday, Copper revealed somewhat unexpectedly that it was discontinuing its enterprise infrastructure business that connected banks and hedge funds to digital assets. Instead, it’s going to be putting all of its resources into its Clear Loop custody and settlement operations.

Copper, a London-based cryptocurrency startup led by former UK Chancellor of the Exchequer Philip Hammond, has announced a partnership with State Street, one of the world’s biggest custodial banks. Copper did not reply to a request for comment immediately.

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Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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