State Street collaborates with Pure Digital to launch cryptocurrency trading platform
State Street, one of the world's largest asset management companies, is collaborating with crypto startup Pure Digital to set up a platforme of cryptocurrency trading. “Pure Digital will be a fully automated high-speed OTC marketplace for digital assets and cryptocurrencies with physical delivery and bank custody,” the company explains.
State Street provides technology for the crypto trading platform
Puremarkets Ltd., under the trade name Pure Digital, announced Thursday the launch of a "new and unique wholesale digital currency trading platform". The company has also "entered into an agreement with State Street 's Currenex" as a 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 in custody and administration. It ranked 14th on the list of America's largest banks in terms of assets. Currenex is a technology provider lMarket leader offering high performance trading technology.
The announcement describes:
"Pure Digital will be multi-custodian. Participating in pants trading will be free to take advantage of their preferred digital asset custody solutions and manage risk through an intelligent custody routing mechanism, ”the announcement said.
“Institutional participants will trade on the platform using bilateral credit allowing efficient use of capital and control for all trading participants. This will create a strong market for price discovery and risk trading, ”explained Pure Digital. "Trading is expected to start in mid-2021.
David Newns, Global Head of Execution Services for Global, State Street Global Markets, commented:
Additionally, Pure Digital and State Street have the intendedWe will explore the digital currency trading space further, the announcement notes.
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