America’s Second-Oldest Bank State Street to Enable Crypto Trading on its Platform

Shortly after the oldest US-based bank entered the cryptocurrency space, so has done the second-oldest – State Street Corporation. The banking giant with $3 trillion in assets under management will allow the London-based Puremarkets to use its Currenex platform for digital asset trading. 

• Launched by Puremarkets Ltd., Pure Digital is advertised as an “interbank marketplace for cryptocurrency price discovery and exchange of wholesale risk.”  
• According to an announcement from earlier today, the London-based company has partnered with the founded in 1792 US banking behemoth – State Street Corporation. 
• Through the collaboration, Pure Digital will utilize State Street’s bank-grade trading platform called Currenex to enable crypto trading. 
• The process will be fully automated with high throughput OTC market for digital assets with physical delivery and bank custody. Institutional customers could use bilateral credit, enabling efficient capital utilization and control for all participants.  
• The trading platform should see the light of day in mid-2021, the statement explained. Without providing any explicit details, State Street and Pure Digital also outlined plans to “further explore the digital currency trading space.”  

• “Currenex is thrilled to leverage our experience and expertise in the FX and digital asset trading marketplace to provide Pure Digital with robust technology and infrastructure for this exciting digital currency trading initiative.” – commented Global Head of Execution Services for State Street – David Newns. 

• State Street’s entrance reaffirms the growing adoption rate from banking institutions towards the cryptocurrency industry. 
• The oldest US bank, BNY Mellon, said it would commence digital asset custody services earlier this year. Other giants followed along shortly.  
• Morgan Stanley enabled its institutional clients to have BTC exposure through three funds and filed to buy bitcoin for 12 of its own funds. Simultaneously, Goldman Sachs, a former basher of the crypto space, has repeatedly outlined the growing demand from customers.  

Featured Image Courtesy of FT