State Street, the world’s second-largest custody bank, is considering safeguarding clients' digital assets in a move that would see it become the first major global bank to provide services for bitcoin-related investments.

The Boston-based bank, which has around £24tn in assets under custody and administration, said growing demand among its largest clients to invest in digital currencies — including bitcoin, ethereum and litecoin — had led it to consider the business case for offering related services.