State Street Joins Crypto Rush With Digital-Asset Rollout (1)

State Street Corp. is rolling out a digital-asset platform as the firm pushes to grow in the increasingly popular asset class.

The custody bank will develop and support money-market and exchange-traded funds and cash products such as tokenized deposits and stablecoins, the Boston-based company said in an emailed statement.

State Street will collaborate with money managers and institutional clients it serves, as well as with its own asset-management arm, which has been launching separate products. Last month, it teamed up with Michael Novogratz’s Galaxy Digital to create a tokenized fund.

The launch of the platform is “a significant step” ...