BNY Mellon teams up with State Street to back new cryptocurrency trading platform
BNY Mellon teams up with State Street to back new cryptocurrency trading platform By Editor DailyBitcoin Editor

US banks BNY Mellon and State Street join four other firms to back the soon-to-be-started platform.

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US bank BNY Mellon is backing the new Pure Digital cryptocurrency trading platform, following in the footsteps of another major US bank – State Street. This was first reported today by the Financial Times

and then other English-language media.

The New York-based bank will join a group backing the new bank-grade trading platform that will go live in the coming days. State Street had already said in April that it was providing the infrastructure for Pure Digital

.

Both banks have expressed their intention to eventually start using the platform for trading itself, Financial Times

said.

It’s worth noting that these two, BNY Mellon and State Street are among the oldest banks in the U.S. They are joining four other (also banking) unnamed firms to back the new platform, whose operations will begin with a Bitcoin trade “within a week,” Campbell Adams, co-founder of Pure Digital, told the Financial Times

.

Moreover, both banks were already coming with crypto news: BNY Mellon and State Street announced the formation of crypto custody divisions this year

, the former in February and the latter in June.

More on Pure Digital

Pure Digital,

based in London, is a new crypto trading platform company.

Recalls Cointelegraph, Pure Digital became the focus of industry attention in April, when State Street announced plans to provide its trading infrastructure to Pure Digital Exchange through its Currenex

cryptocurrency exchange technology subsidiary. The institutional-grade platform is expected to be a fully automated over-the-counter marketplace for cryptocurrencies, with physical delivery and bank custody.

According to the report, the banks behind Pure Digital will create a cash cryptocurrency trading venue in a bid to compete against the industry’s biggest players. “We have spoken to all the top tier banks,

but we think custodial banks were some of the first to see the demand, so they’re more advanced now,” said Lauren Kiley, chief executive of Pure Digital.

Pure Digital co-founder Campbell Adams said his platform is not worried about working with banking institutions. In this regard he said:

“The cryptocurrency market needs banks, I don’t think it can scale without them.”

Sources: Coindesk, Financial Times, Cointelegraph

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