State Street seeks regulatory approval to offer cryptocurrency custody services

State Street Corp is working with U.S. regulators to ensure that it can launch a cryptocurrency custody service once it is approved.

The bank, which launched its digital division in June last year, has “grand plans” to offer digital wallet custody services to customers, group head Nadine Chakar said.

The challenge is regulation, Chakar said, noting State Street's status as a global systemically important financial institution (G-SIFI). "Once we get approval, we'll be ready," Chakar told Bloomberg on Thursday. We are actually investing in the future.

We know customers are looking to get this service.