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State Street Digital has announced that it will provide custody services to the Digital Securities Depository Corporation (DSDC).
The firm will provide safekeeping, transaction settlement, dividend collection, and FX payment services to DSDC, with respect to its holdings of non-US listed equity securities with the company.
DSDC operates a novel cross-border securities settlement infrastructure with third-party regulated financial institutions to create, issue and service digital depositary receipts (DDRs) in the US public market.
Nadine Chakar, head of State Street Digital, comments: “State Street is delighted to be working with DSDC to support its growth strategy to diversify into additional markets. This mandate is another example of State Street Digital continuing to deliver on our broader global strategy of helping to build out the crypto and digital assets ecosystem.”
Alistair Jones, CEO of DSDC adds: “Having State Street take care of the custody activities for the underlying securities of our digital cross-border securities, brings considerable confidence to both investors and our other network members. This allows us to concentrate on our core competencies of building and expanding the network beyond the initial group of regulated institutions.”
Launched in June, State Street Digital was created to address the industry’s evolving shift to digital finance. The new division builds on State Street’s prior digital capabilities and focuses on innovations in crypto, central bank digital currency, blockchain and tokenisation.
