Another Bank Announced It Will Cut Its Relationship With The Crypto Money Industry!

Global surveillance bank State Street announced earlier Thursday that it was closing its corporate infrastructure division. cryptocurrency said it has ended its working relationship with surveillance firm Copper.

State Street Spokesperson Talks About Ending His Relationship With Cryptocurrency Company Copper

“State Street and Copper have mutually agreed to terminate their licensing agreements, and both companies will continue to develop their digital strategies within their respective product development approaches,” a State Street spokesperson said via email.

Stating that State Street will continue to work on “a versatile solution for both tokenized securities and native tokens,” the bank added that “the regulatory environment for digital assets continues to evolve, as do the requirements to service this asset class.”

bitcoin and the recent wave of uncertainty plaguing the cryptocurrency industry has caused many of its private banking partners to collapse or move away from crypto firms. Adding to this trend, Copper unexpectedly announced on Thursday that it is closing its corporate infrastructure business to connect banks and hedge funds to digital assets.

Copper’s affiliation with State Street, one of the world’s largest surveillance banks, was seen as a major victory for the London-based crypto firm, whose chairman is former UK Finance Minister Philip Hammond.

No statement has been released yet from Copper officials regarding the latest development.

*Not investment advice.

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