After 9 years, this big man finally “jumped into” cryptocurrency

After 9 years, this big man finally “jumped into” cryptocurrency


2021-04-14 00:59:12

Currenex, a State Street owned platform, will provide the infrastructure for cryptocurrency exchanges for the Pure Digital system.

State Street, the second oldest operating bank in the United States, is turning to the crypto industry by agreeing to provide its technology for a new exchange platform.

Currenex, a State Street-owned forex technology provider, has signed an agreement with crypto company Puremarkets to provide the trading infrastructure and technology for the new cryptocurrency trading platform. is Pure Digital.

On April 8, Pure Digital said it will also partner with State Street to explore more in-depth about the crypto trading industry.

According to the announcement, Pure Digital will be a fully automated but over the counter marketplace for crypto assets, with physical delivery and bank custody. Scheduled to launch in mid-2021, the new platform will allow institutional investors to trade using bilateral credit and a variety of custody solutions.

Participants in trading will be free to take advantage of their favorite crypto custodian solutions and manage risks through a smart custody routing mechanism.

State Street announced in early April that the bank has been exploring the role of Bitcoin (BTC) in a diversified portfolio over the past nine years. The case that has yet to be done for Bitcoin lies in the equity barrier.

State Street has been more aggressive about the cryptocurrency market in recent years. In late 2019, the bank announced a trial of crypto assets in partnership with the Gemini exchange.

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