Slate Street, a Boston-based bank holding company, has partnered with crypto infrastructure provider “Copper” to launch institutional-grade digital asset custody for its clients.
Following regulatory approval, the company will offer custody services for some of the most “active” cryptocurrencies, including Bitcoin, Ethereum, Cardano, Solana, and Polkadot. “The firm will leverage its strong infrastructure and vast experience to help clients transition to and thrive in the new digital economy,” read a press release provided by Slate Street. The partnership with Copper shows Slate’s willingness to use the infrastructure provider’s existing technology rather than repurpose its own company to manage digital assets. Copper already offers settlement solutions for 450 different cryptocurrencies, on more than 40 exchanges. Nadine Chakar, director of Slate Street, said her company is building the infrastructure to support its clients’ crypto assignments as they become more interested in the asset class. Meanwhile, Copper COO Sabrina Wilson called the partnership an “extremely important” development with regards to institutional involvement with cryptocurrencies. A Fidelity survey from July last year found that 70% of institutional investors are interested in buying crypto in the future. This January, the CEO of bank SEBA predicted that institutional investments would drive the price of Bitcoin to $75,000 this year. ARK Invest CEO Cathie Wood is bullish for similar reasons, as she believes Bitcoin can top $500,000 if just 5% of institutional money enters the asset. Slate Street’s investment management division had AUM of $4.14 trillion as of December 31, 2021.
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