According to a press release, one of the largest State Street banks in the US will partner with startup Puremarkets. The cooperation will allow Currenex of State Street, a provider of “high performance” trading technology, to work with the startup on a crypto trading platform.
In parallel, partners could explore “the digital currency trading space.” With more than $ 3.15 trillion in assets under management and $ 38 in assets in custody, State Street is one of the largest banks to reveal participation in the crypto industry.
The Pure Digital trading platform will be, according to the press release, automated with a “high-performance OTC market”. Additionally, it will support trading cryptocurrencies, such as Bitcoin and Ethereum, with digital assets, such as USDT.
Pure Digital users will be able to take advantage of bilateral credit to obtain an “efficient use and control of capital”. In that way, the partners will contribute to strengthening the cryptocurrency market for “price discovery” and reduce the “risk” when trading the asset class.
Cryptocurrency trading platform under evaluation
The platform is expected to launch around the second quarter of 2021. In addition to the above, the platform will have a “smart custody routing mechanism”. This will allow users to operate under their “preferred asset custody solution.”
To reduce costs for all traders, Pure Digital will integrate the FX industry standard API, according to the statement. Users wishing to acquire long positions will have the option to trade with their “existing Prime Bank / Custodial relationships and infrastructure.” Campbell Adams, founder of Pure Digital said:
Pure Digital is pleased to explore the digital asset space with State Street, as we share the same vision for the future of the digital currency market.
On the other hand, Pure Digital CEO Lauren Kiley expressed her enthusiasm for the partnership and for the opportunity to work with Currenex. Kiley emphasized his goal, to “transpose” the currency infrastructure to the crypto sector together with a consortium led by the banking institution.
GlobalLink Global Head of Execution Services, State Street Global Markets, David Newns, added:
Currenex is pleased to leverage our experience and knowledge in the FX and digital asset trading market to provide Pure Digital with strong technology and infrastructure for this exciting digital currency trading initiative.
However, according to a Coindesk report, a State Street spokesperson said the bank is “evaluating trading on the platform.” The banking institution has yet to commit to carry out operations in cryptocurrencies.
At the time of writing, Bitcoin is trading at $ 57,709 with gains of 3.4% on the daily chart.
BTC shows bullish momentum on the 24-hour chart. Source: BTCUSD Tradingview