BNY Mellon Follows State Street in Backing New Crypto Trading Platform: Report
21 Jul, 2021•1 min read•Other
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.