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According to a press release, one of the most important banks in the U.S. State Street will partner with start-up Puremarkets. The cooperation will enable State Streetâs Currenex, a âhigh performanceâ trading technology provider, to work with the start-up on a crypto trading platform.
In parallel, the partners might explore âthe digital currency trading spaceâ. With over $3.15 trillion in assets under management and $38 assets under custody, State Street is one of the largest banks revealing participation in the crypto industry.
The trading platform called Pure Digital will be, according to the press release, automated with a âhigh throughput OTC marketâ. Also, it will support trading with cryptocurrencies, like Bitcoin and Ethereum, with digital assets, such as USDT.
Pure Digital users will be able to leverage bilateral credit to gain âefficient capital utilization and controlâ. In that way, the partners will contribute to strengthen the crypto market for âprice discoveryâ and lower the âriskâ when trading with the asset class.
Crypto trading platform under evaluation
The platform is expected to be launch around Q2, 2021. In addition to the above, the platform will have a âsmart custody routing mechanismâ. This will allow users to trade under their âprefer asset custody solutionâ.
To reduce costs for all traders, Pure Digital will integrate FX-industry standard API, according to the release. Users looking to acquire long positions will have the option of trading with their âexisting Prime Bank/Custodial relationships and infrastructureâ. 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 excitement about the partnership and for the opportunity to work with Currenex. Kiley made emphasis on their objective, âtransposeâ FX infrastructure over to the crypto sector along with a consortium led by the banking institution.
Global Head of Execution Services for GlobalLink, State Street Global Markets David Newns added:
Currenex is thrilled to leverage our experience and expertise in the FX and digital asset trading marketplace to provide Pure Digital with robust technology and infrastructure for this exciting digital currency trading initiative.
However, per a Coindeskâ report, a State Street spokesperson said the bank is âevaluating trading on the platformâ. The banking institution is yet to commit to actually carry out operations in cryptocurrencies.
At the time of writing, Bitcoin is trading at $57.709 with gains of 3.4% in the daily chart.
BTC showing bullish momentum in the 24-hour chart. Source: BTCUSD Tradingview
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