State Street collaborates with Gemini on digital asset pilot

State Street has started a digital asset pilot with Gemini, a cryptocurrency exchange and custodian. The pilot builds on ongoing research and development to combine Gemini Custody with State Street’s back office reporting, and performs reporting scenarios on a user’s holdings within Gemini Custody. Initially, the pilot reports holdings of two cryptocurrencies chosen for liquidity reasons. However, it can be adapted to report on holdings of other digital assets, such as security tokens. It allows users to consolidate the reporting of digital assets serviced by Gemini, an independent digital asset custodian, with traditional assets serviced by State Street.