State Street, the second-oldest operating bank in the United States, is moving into the cryptocurrency industry by agreeing to provide its technology for a new crypto trading platform.
Currenex, a forex technology provider owned by State Street, has entered into an agreement with crypto firm Puremarkets to provide its trading infrastructure and tech for the new crypto trading platform Pure Digital. Announcing the news Thursday, Pure Digital said that it will also collaborate with State Street to further explore the digital currency trading industry.
According to the announcement, Pure Digital will be a fully automated over-the-counter market for digital assets and cryptocurrencies with physical delivery and bank custody. Scheduled for launch in mid-2021, the new platform will reportedly allow institutional investors to trade using bilateral credit and multiple custody solutions. “Trading participants will be free to leverage their preferred digital asset custody solutions and manage risk through a smart custody routing mechanism,” the announcement notes.
State Street announced in late March that