Top-tier US-based financial services and bank holding firm State Street Corporation is reportedly widening its scope to cover the crypto sphere, via the release of new virtual asset offerings.

Specifically, State Street – the longest-running, currently functional bank across America – reportedly disclosed its plan to make digital and crypto asset administration services available, catering to its private fund’s customers. 

The bank will reportedly make a series of institutional-grade middle- and back-office services accessible for said customers, which come with supporting features for a variety of portfolios, including different crypto-centric features, nominally collection, standardization, reporting, processing, and reconciliation.

In order to enable the service, State Street reportedly struck a deal with Lukka – a local blockchain data and software provider, specialized in reporting audit-ready crypto transactions. 

State Street is reportedly generally perceived as a high-profile investor in Lukka, leading the company’s Series C funding round in December last year. 

As included within the scope of the collaboration, State Street will reportedly establish an access gateway to a series of Lukka’s proprietary offerings, nominally middle- and back-office data management solutions, created with a primary target of supporting blockchain and crypto-asset data, together with reference and pricing information.

It will further allow for the consumption of crypto assets mixed within private client’s traditional alternative investments portfolios for State Street, offering a similar kind of virtual assets, in terms of quality and precision, compared to traditional assets. 

The development reportedly surfaced not long after Street Digital rolled out a new division dubbed State Street Digital, devoted to crypto and digital assets-centric research and tools, blockchain, CBDCs, and tokenization, in June.