State Street Bank Selects Taurus for Crypto Custody and Tokenization

State Street Bank, a global custody bank with $44.3 trillion in assets under management, has chosen cryptocurrency custody and tokenization company Taurus to provide digital asset services. In order to welcome the more relaxed regulatory environment in the United States. State Street Bank said that the initial focus is on launching tokenized versions of traditional assets and will announce the first customer soon. Donna Milrod, Chief Product Officer and Head of Digital Asset Solutions at State Street Bank, said: "Although we started with tokenization, this is not our end. Once US regulations help us, we will also provide digital custody services. We know how to be a custodian. We don't do it on the balance sheet, but off the balance sheet. They are not our assets." Lamine Brahimi, co-founder and managing partner of Swiss Taurus, pointed out the benefits of tokenization, such as the ability to trade around the clock and optimize collateral management, while also echoing the need for an improved regulatory environment in the United States. Brahimi said in an interview: "I am sure that this cooperation with State Street Bank will send a positive signal to the US financial market in general, which has been lagging behind Europe due to the impact of SAB 121." (Coindesk)