The US financial services and banking establishment State Street Corporation will enable cryptocurrency investment through its infrastructure.
Soon after the oldest US-based bank entered the cryptocurrency space, the second oldest bank, State Street Corporation, did so. The banking giant, with $ 3 trillion in assets under its management, will allow London-based Puremarkets to use the Currenex platform for digital asset investment.
Puremarkets Ltd. Pure Digital has been introduced as “an interbank market for cryptocurrency price discovery and wholesale risk exchange.”
According to an announcement earlier today, the London-based company partnered with the American banking giant State Street Corporation, which was founded in 1792.
Through the collaboration, Pure Digital will use State Street’s Currenex banking class investment platform to invest in crypto.
The process will be fully automated, with the highly efficient OTC market for digital assets with physical delivery and bank oversight Institutional customers will be able to use dual loans that provide efficient capital use and control for all participants.
In the statement made, it was announced that the investment platform should be released in mid-2021. State Street and Pure Digital also outlined their plans to “explore the crypto space further” without giving any explicit details.
David Newns, Chief Executive, State Street Global Services:
Currenex is excited to leverage our experience and expertise in the FX and cryptocurrency markets to provide Pure Digital with solid technology and infrastructure for this exciting cryptocurrency startup.
The introduction of State Street reaffirms the increasing adoption rate of cryptocurrency from banking institutions.
BNY Mellon, the oldest bank in the US, said it will begin digital asset custody services earlier this year. Other giants soon followed.
Morgan Stanley had his corporate clients hold BTC through three funds and applied to buy bitcoin with 12 of his own funds. At the same time, a former pioneer of the crypto space, Goldman Sachs has repeatedly summed up the growing demand from customers.