State Street, one of the largest asset management companies, is working with cryptocurrency startup Pure Digital to build a cryptocurrency trading platform. The company explained: “Pure Digital will be a fully automated, high-throughput over-the-counter market with physical delivery and bank custody for digital assets and cryptocurrencies,” the company explained.
State Street Bank provides technology for crypto trading platform
Puremarkets Ltd., whose trading name is Pure Digital, announced on Thursday that it will launch “a new and unique wholesale digital currency trading platform.” The company also “signed an agreement with State Street’s Currenex” as a technology provider of transaction infrastructure.
State Street Bank is one of the world’s largest asset management companies, with total assets under management of US$3.1 trillion, and total assets under custody and management of US$38.8 trillion. In terms of assets, it ranks 14th among the largest banks in the United States. Currenex is a market-leading technology provider, providing high-performance trading technology.
The announcement describes:
Pure Digital will be a fully automated, high-throughput over-the-counter market suitable for digital assets and cryptocurrencies with physical delivery and bank custody.
“Pure digital technology will have multiple regulatory powers. Transaction participants will be free to use their preferred digital asset custody solutions and manage risks through smart custody routing mechanisms.”
“Institutional participants will use bilateral credit to conduct transactions on the platform, so as to achieve effective capital utilization and control for all transaction participants. This will create a strong market for price discovery and risk exchange.” Pure Digital explained. “The transaction is expected to start in mid-2021.”
David Newns, Global Head of Globallink Executive Services, State Street Global Marketing, commented:
Currenex is pleased to be able to use our experience and expertise in the foreign exchange and digital asset trading markets to provide Pure Digital with strong technology and infrastructure to execute this exciting digital currency trading plan.
In addition, the announcement pointed out that Pure Digital and State Street intend to further explore the digital currency trading space.
What is your opinion on State Street’s entry into cryptocurrency? Let us know in the comments section below.
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