State Street becomes first custodian on JPMorgan tokenized debt platform

State Street, an asset manager and custodian bank serving institutional clients, has joined financial services company JPMorgan's tokenized debt platform as its first third-party custodian, allowing it to hold blockchain-based debt securities on behalf of investors. JP Morgan's Digital Debt Service platform allows institutional clients to trade and settle tokenized debt instruments, which are securities issued on a blockchain that represent government or corporate bonds. The asset manager purchased $100 million in tokenized commercial debt from the Oversea-Chinese Banking Corporation (OCBC), one of the oldest banks in Southeast Asia, in the platform's inaugural transaction, according to Thursday's announcement. State Street,…