The collaboration aims to bolster State Street Digital Asset Solutions by integrating Taurus' custody, tokenization and node-management solutions into its existing services.
Donna Milrod, State Street's chief product officer and head of Digital Asset Solutions, highlighted the significance of the partnership.
"The collaboration with Taurus underscores our ongoing commitment to further establishing ourselves as leaders in this growing asset class," Ms Milrod said.
Subject to regulatory approvals, State Street plans to leverage Taurus' technology to automate the issuance and servicing of digital assets, including digital securities and fund management vehicles.
The agreement comes as institutional interest in digital assets reaches an all-time high, according to State Street.
Lamine Brahimi, co-founder and managing partner of Taurus, expressed enthusiasm about the collaboration.
"We are thrilled to have been chosen by State Street as a strategic partner for custody and tokenization and are excited about our collaboration and the opportunity to introduce innovative digital asset products and services to the industry," Mr Brahimi said.
State Street will utilise three of Taurus' products: Taurus-PROTECT, Taurus-CAPITAL for managing tokenized assets, and Taurus-EXPLORER for blockchain connectivity.
The financial services giant, which manages US$44.3 trillion in assets under custody and/or administration and US$4.4 trillion in assets under management as of June 30, 2024, emphasised that its digital custody product offering remains subject to regulatory approval.
This partnership marks another step in State Street's efforts to expand its digital asset capabilities and meet growing demand from institutional investors for services in this emerging space.
