State Street Collaborates With Pure Digital to Launch Cryptocurrency Trading Platform – Exchanges Bitcoin News

State Street Collaborates With Pure Digital to Launch Cryptocurrency Trading Platform – Exchanges Bitcoin News


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State Street, one of the largest asset managers, is partnering with crypto startup Pure Digital to create a trading platform for cryptocurrencies. Pure Digital will be a fully automated and efficient OTC marketplace for digital assets and cryptocurrencies, with physical delivery and bank storage, the company said.

State Street provides technology for crypto-currency exchange platform

Puremarkets Ltd, trading as Pure Digital, on Thursday announced the launch of a new unique trading platform for digital currencies. The company has also signed an agreement with State Street’s Currenex as a provider of trading infrastructure technology.

State Street is one of the world’s largest asset managers, with $3.1 trillion in assets under management and $38.8 trillion in custody and administration. It ranks 14th on the list of largest U.S. banks by assets. Currenex is a leading provider of high quality trading technology.

The ad describes:

Pure Digital will be a fully automated and highly efficient OTC marketplace for digital assets and cryptocurrencies, with physical delivery and bank storage.

Pure Digital will be multiplayer. Bidders will be able to take advantage of their preferred digital custody solutions and manage risk through an intelligent custody routing mechanism, according to the press release.

Institutional participants will trade on the platform through bilateral credits to enable efficient use and control of capital for all traders. This creates a robust market for pricing and risk sharing, Pure Digital explains. Negotiations are expected to start in mid-2021.

David Nunes, Head of Global Executive Services at Globallink, State Street Global Markets, said:

Currenex is pleased to leverage its expertise in Forex and digital asset trading to provide Pure Digital with robust technology and infrastructure for this exciting digital currency trading initiative.

In addition, Pure Digital and State Street plan to further explore the digital currency trading space, according to the announcement.

What are your thoughts on State Street becoming a crypto-currency? Let us know your comments in the section below.

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