State Street Teams with Lukka to Expand Crypto Services

Partnership comes in response to increased crypto interest among traditional asset managers, alternatives managers

article-image

Source: Shutterstock

share

key takeaways

  • State Street to leverage Lukka’s reference data and prime pricing data tools to serve funds with mature risk processes
  • Announcement comes after the financial services giant launched State Street Digital in June to focus on industry shifts

State Street has partnered with crypto asset data and software provider Lukka, which will help the custody bank provide digital and cryptocurrency asset fund administration capabilities for its private funds clients.

The Thursday announcement comes after State Street, which has $42.6 trillion in assets under custody and nearly $4 trillion in assets under management, launched State Street Digital, a new unit focused on addressing the industry’s evolving shift to digital finance. 

“This is just one example in a long history of innovation that State Street has and is continuing to drive within our industry,” State Street CEO Ron O’Hanley said of the division during a July 16 earnings call. 

Now, working with Lukka will enable State Street to support its private fund clients with collection, standardization, enrichment, reconciliation, processing and reporting related to crypto and other digital assets, the firm revealed.

Interest in crypto has evolved over the last two years or so from general inquiries to clients actually holding it in their portfolios, said Jennifer Tribush, alternatives lead for State Street Digital. The client segments driving the interest in crypto were traditional asset managers with a private markets hedge fund focus, as well focused alternatives managers, she added.

“It was critically important to make sure that we had a way to support fund administration for those clients holding private funds where they would have crypto that is essentially co-mingled with traditional hedge fund assets,” Tribush told Blockworks.

State Street will utilize Lukka’s middle- and back-office data management solution, as well as Lukka Reference Data and Lukka Prime Pricing Data

Lukka Reference Data is a “security master” of crypto asset names, tickers and trading pairs across liquidity providers, service providers and other data sources.

Meanwhile, the Lukka Prime Methodology applies a five-step weighting process for identifying a principal exchange and the last price on that exchange. A score is assigned to select the most appropriate primary exchange and then an executed exchange price is given for each covered crypto asset at a specific time. The offering covers 875 assets and 12 sources of raw pricing data.

The importance of data quality is a common theme as more traditional financial institutions enter the crypto ecosystem, Lukka CEO Robert Materazzi noted.

“Clients of firms like State Street — many of the world’s largest funds — have mature risk processes that require accuracy in reporting that starts with the underlying data,” he told Blockworks in an email. “Crypto asset data is inherently more complex and difficult to manage, so it requires new solutions.”Last December, State Street led Lukka’s Series C funding, which also included participation from S&P Global and CPA.com.

The raise allowed Lukka to expand its existing institutional-grade software and data products to traditional businesses and funds as they rapidly adopt crypto assets into their businesses and portfolios, the firm said at the time.

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Research Report Templates (19).png

Research

Suilend has grown into the top money market and liquid staking provider on Sui. STEAMM, Suilend’s Superfluid AMM, presents a compelling avenue for growing market share within Sui’s DEX landscape and revenue generation for the protocol. Suilend’s multi-product suite position it well for owning market share across key verticals. While current metrics across the Sui ecosystem are likely inflated due to Sui Foundation incentive programs, SEND trades at amongst the lowest multiples in the lend/borrow sector, suggesting that a bull case for continued growth in the ecosystem may be mispriced.

article-image

Silk Road founder Ulbricht made a triumphant return to the Bitcoin Conference, 10 years on from sentencing

article-image

A Blockworks Research report looked at who could take up some of the marketshare in the launchpad space

article-image

Business-to-business stablecoin payments are on the rise, per a report from Artemis, Dragonfly and Castle Island

article-image

Crypto continues to do its thing: incentivizing behavior

article-image

Kraken will soon offer Backed ‘xStocks’ as Solana tokens

article-image

In a unanimous decision, the US Court of International Trade has ruled that Trump’s IEEPA tariffs are unlawful