State Street will help London-based Pure Digital create an OTC platform for institutional clients that it will use in its future activities.
One of the oldest US banks, State Street, will use a new digital asset trading platform that will launch in mid-2021. London-based company Pure Digital announced the creation of an institutional platform for cryptocurrency trading. The supplier of technical solutions will be State Street’s trading technology division – Currenex
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- Pure Digital is an infrastructure provider operating in the international currency market (forex). The company said in a press release that it will work with State Street to conduct research on cryptocurrency trading. In addition, Currenex will act as a technology solutions provider for the Pure Digital trading platform.
- Pure Digital will become “a fully automated OTC marketplace for digital assets and cryptocurrencies with physical delivery and storage at a bank.” The platform is designed for institutional market participants who will be able to trade assets using bilateral loans. The parties expect trading on the platform to begin in mid-2021.
- Speaking with Coindesk, Pure Digital CEO Lauren Kylie said State Street will be one of many banks to use the new platform. State Street also confirmed these intentions.
- State Street, which manages $ 3.1 trillion in assets, began taking an interest in cryptocurrency and blockchain back in 2016, when it tested a blockchain system for securities lending. In December 2019, the bank, together with Gemini, launched a pilot project, within which financial institutions could use the custodian service of the cryptocurrency exchange.