State Street Announces Partnership with Lukka

State Street Corporation​ announced it has partnered with Lukka, a leading enterprise crypto asset data and software provider, to support its private fund clients with collection, standardization, enrichment, reconciliation, processing and reporting related to crypto and other digital assets.

The partnership is 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 in December of 2020, 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.

"As our clients continue to adopt digital assets, such as crypto, we've seen increasing interest among investors for institutional quality middle and back-office offerings that support diversified portfolios," said Jen Tribush, alternatives lead for State Street Digital. "Lukka was the ideal partner to help provide these services given their leading position in crypto asset data as State Street continues to add to our growing offering in the digital asset space."

"State Street is leading the charge to usher in the next generation of fund administration," said Robert Materazzi, CEO of Lukka. "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."