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BNY Mellon Joins State Street to Support New Cryptocurrency

U.S. banks BNY Mellon and State Street join with four other companies in supporting the soon-to-be-launched platform.

US bank BNY Mellon supports the new Pure Digital cryptocurrency trading platform, following in the footsteps of another major US bank: State Street. This was reported today first by the Financial Times and then by other media outlets in English.

BNY Mellon Joins State Street to Support New Cryptocurrency

The New York-based bank will join a group supporting 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 start using the platform for trading itself, the Financial Times said.

It should be noted that these two banks, BNY Mellon and State Street, are among the oldest banks in the United States. They join four other unidentified companies (also banking) to support the new platform, whose operations will begin with a Bitcoin transaction “within a week” Campbell Adams, co-founder of Pure Digital, told the Financial Times.

Additionally, both banks were already arriving with crypto news: BNY Mellon and State Street announced the formation of crypto custody divisions this year, the first in February and the second in June.

Learn more about Pure Digital

Pure Digital, based in London, is a crypto trading platform startup.

Cointelegraph recalls that Pure Digital took center stage in the industry in April when State Street announced plans to provide its trading infrastructure to Pure Digital Exchange through its foreign exchange technology subsidiary Currenex. The institutional-grade platform is expected to be a fully automated OTC market for cryptocurrencies, with physical delivery and bank custody.

According to the report, the banks behind Pure Digital will create a cryptocurrency exchange platform with the aim of competing with the biggest players in the industry. “We’ve spoken to all the leading banks, but we think the custodian banks were among the first to see the demand, so they’re more advanced now,” said Lauren Kiley, CEO of Pure Digital.

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

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

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