Gemini, State Street Launch Cryptocurrency Reporting Pilot

A new collaboration between financial services firm State Street Corporation and the Winklevoss’ Gemini cryptocurrency exchange will launch a reporting pilot for cryptocurrency holdings under custody. 

Per a press release published on Dec. 17, the two entities launched a new pilot that would combine Gemini Custody — the exchange’s custody wing — with State Street’s back-office reporting. The project enables users to consolidate the reporting of their digital assets processed by Gemini with their traditional assets serviced by State Street.

Small, but growing demand

Initially, the pilot will produce reports on two cryptocurrencies chosen for liquidity reasons within Gemini Custody. The companies state that eventually, the service will enable clients to receive reports on their holdings of other digital assets such as security tokens.

Commenting on the development, Ralph Achkar, managing director of digital product development and innovation at State Street, said, “There is…