BNY Mellon Follows State Street in Backing New Crypto Trading Platform: Report

BNY Mellon Follows State Street in Backing New Crypto Trading Platform: Report

BNY Mellon has backed new crypto trading platform Pure Digital, following in the footsteps of fellow U.S. banking giant State Street, the Financial Times (FT) reported Wednesday.

  • The New York-headquartered lender is to join a group backing the new bank-grade trading platform that's set to go live in the coming days.
  • State Street said in April it was providing the infrastructure for Pure Digital.
  • Both the banks have voiced their intention to eventually start using the platform for trading itself, the FT said.
  • The U.S's oldest and second-oldest banks respectively, BNY Mellon and State Street join four other unidentified firms in backing the new platform, trading on which will commence with a bitcoin trade "within a week," according to Pure Digital co-founder Campbell Adams, the FT's report said.
  • BNY Mellon and State Street have both announced the formation of crypto custody divisions this year, the former in February and the latter in June.
  • Source