American asset manager State Street is providing the technology to support the new wholesale digital currency trading platform of Pure Digital for institutional investors.
State Street’s Currenex will deliver the trading infrastructure for the crypto platform, on which trading is anticipated to start in the middle of this year.
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By GlobalDataThe two parties also intend to explore the crypto trading segment further.
“Pure Digital will be a fully automated, high throughput OTC market for digital assets and cryptocurrencies with physical delivery and bank custody,” the firm stated.
A multi-custodial platform, Pure Digital will enable trading participants to use their preferred digital asset custody solutions. The participants can tackle risk using a smart custody routing mechanism, noted the firm.
The buy side can participate in the platform with their current prime bank / custodial relationships and infrastructure.
As a result of the incorporation of FX-industry standard APIs, the platform can lower technology cost for participants.
Pure Digital CEO Lauren Kiley said: “We are excited to partner with Currenex, an industry leader in FX, on this initiative; as we work to transpose FX infrastructure to the crypto space via a bank-led consortium.”
Other crypto moves in US
Several financial services firms in the US have ventured into the crypto space recently.
Among them are Goldman Sachs, who is reportedly gearing up to offer exposure to bitcoin and other digital assets to its wealthy clients.
Last month, it was reported that Morgan Stanley is making Bitcoin funds available to its wealth management clients, in the first such move by a big US bank.
Meanwhile, this March, BNY Mellon participated in a Series C financing round for crypto startup Fireblocks.
The move followed the launch of a new enterprise Digital Assets unit by BNY Mellon to accelerate the development of enterprise solutions to serve the digital asset space.
Earlier this year, BlackRock has filed prospectus documents with the Securities and Exchange Commission (SEC) to add Bitcoin futures as eligible investments for two funds.
