State Street has entered a licensing agreement with Copper.co to develop and launch an institutional grade digital asset custody product.

“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.London-based Copper.co is a provider of institutional custody offerings across more than 40 exchanges and 450 digital assets.The State Street custody product will be subject to regulatory approval.A custodial bank with more than $43 trillion in assets under custody and administration, and just shy of $4 trillion in assets under management, State Street launched a crypto division last year with plans to evolve into a “multi-asset platform” to support cryptocurrency trading and more.