State Street and Gemini Trust, a crypto exchange and custodian, have announced a new pilot, which combines Gemini Custody with State Street’s back office reporting.

Claimed to be the first of its kind, the pilot allows users to consolidate the reporting of their digital assets serviced by Gemini with their traditional assets serviced by State Street.

“The digital asset space is still nascent, yet it promises opportunities that could fundamentally impact how we do things in the future,” said Ralph Achkar, Managing Director, Digital Product Development & Innovation at State Street. “There is small, but growing demand from our clients for solutions of this type and many technical, operational, regulatory, and legal considerations to be addressed. That is why we have opted for an open model, and started a pilot with Gemini as an established, regulated player in the digital asset space.

"Traditional investors will more seamlessly be able to allocate capital in their portfolio to digital assets through trusted and regulated financial institutions — helping us build a better bridge to the future of money," said " said Tyler Winklevoss, CEO of Gemini.