“The pilot builds on ongoing research and development in the digital asset space to combine Gemini Custody with State Street’s back office reporting,” states a press release from State Street.
Calling the pilot the first of its kind, State Street describes that it performs reporting scenarios on users’ holdings with Gemini Custody. It sets out with a focus on two cryptocurrencies, for their liquidity, but could eventually be adapted to report on holdings of tokens representing securities.
Consolidates traditional and digital
“It allows the user to consolidate the reporting of their digital assets serviced by Gemini, an independent digital asset custodian, with their traditional assets serviced by State Street,” writes the Boston-based global custodian.
We have previously written about Gemini and its founders – twin brothers Tyler and Cameron Winklevoss, known for having challenged Mark Zuckerberg as being the actual founders behind Facebook.