State Street, one of the largest asset management firms, is collaborating with crypto startup Pure Digital to set up a cryptocurrency trading platform. â€œPure Digital will be a fully automated, high throughput OTC market for digital assets and cryptocurrencies with physical delivery and bank custody,â€ the company explains.
State Street Providing Tech for Crypto Trading Platform
Puremarkets Ltd., with trading name Pure Digital, announced Thursday that it is launching a â€œnew and unique wholesale digital currency trading platform.â€ The company has also â€œentered into an agreement with State Streetâ€™s Currenexâ€ as the technology provider for the trading infrastructure.
State Street is one of the largest asset management companies in the world with $3.1 trillion under management and $38.8 trillion under custody and administration. It ranked 14th on the list of largest banks in the U.S. by assets. Currenex is a market-leading technology provider offering high-performance trading technology.
The announcement describes:
â€œPure Digital will be multi-custodial. Trading participants will be free to leverage their preferred digital asset custody solutions and manage risk through a smart custody routing mechanism,â€ the announcement further details.
â€œInstitutional participants will trade on the platform utilizing bilateral credit enabling efficient capital utilization and control for all trading participants. This will establish a robust market for price discovery and exchange of risk,â€ Pure Digital explained. â€œTrading is expected to commence middle of 2021.â€
David Newns, Global Head of Execution Services for Globallink, State Street Global Markets, commented:
Additionally, Pure Digital and State Street intend to further explore the digital currency trading space, the announcement notes.
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