State Street Collaborates With Pure Digital to Launch Cryptocurrency Trading Platform
State Street, one of the largest asset management firms, is collaborating with crypto startup Pure Digital to set up a cryptocurrency trading platform. “Pure Digital will be a fully automated, high throughput OTC market for digital assets and cryptocurrencies with physical delivery and bank custody,” the company explains.
State Street Providing Tech for Crypto Trading Platform
Puremarkets Ltd., with trading name Pure Digital, announced Thursday that it is launching a “new and unique wholesale digital currency trading platform.” The company has also “entered into an agreement with State Street’s Currenex” as the technology provider for the trading infrastructure.
State Street is one of the largest asset management companies in the world with $3.1 trillion under management and $38.8 trillion under custody and administration. It ranked 14th on the list of largest banks in the U.S. by assets. Currenex is a market-leading technology provider offering high-performance trading technology.
The announcement describes:
Pure Digital will be a fully automated, high throughput OTC market for digital assets and cryptocurrencies with physical delivery and bank custody.
“Pure Digital will be multi-custodial. Trading participants will be free to leverage their preferred digital asset custody solutions and manage risk through a smart custody routing mechanism,” the announcement further details.
“Institutional participants will trade on the platform utilizing bilateral credit enabling efficient capital utilization and control for all trading participants. This will establish a robust market for price discovery and exchange of risk,” Pure Digital explained. “Trading is expected to commence middle of 2021.”
David Newns, Global Head of Execution Services for Globallink, State Street Global Markets, commented:
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.
Additionally, Pure Digital and State Street intend to further explore the digital currency trading space, the announcement notes.
What do you think about State Street getting into cryptocurrency? Let us know in the comments section below.
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