According to a press release , one of the most important banks in the United States State Street will partner with the start-up Puremarkets. The cooperation will allow State Street's Currenex, a provider of 'high performance' trading technology, to work with the start-up on a platform.e of crypto trading.
In parallel, the partners could explore the "digital currency trading space". With over $ 3.15 trillion in assets under management and $ 38 in assets under custody, State Street is one of the biggest banks revealing a stake in the crypto industry.
The trading platform called Pure Digital will, according to the press release, be automated with a "high speed OTC market". In addition, it will support trading with cryptocurrencies, such as Bitcoin and Ethereum, with digital assets, such as USDT.
Pure Digital users will be able to leverage bilateral credit to achieve “efficient use and control of capital”. In this way, the partners will help strengthen the crypto market.spelling for "price discovery" and to reduce "risk" when trading with the asset class.
Crypto trading platform under evaluation
The platform is expected to launch around the second quarter of 2021. In addition to the above, the platform will have 'an "intelligent guard routing mechanism". This will allow users to trade as part of their "preferred asset custody solution".
To keep costs down for all traders, Pure Digital will integrate the industry standard FX API, according to the release. Users wishing to acquire long positions will have the possibility to trade with their “Prime Bank / Custodi existing relations and infrastructures”. Campbell Adams, Founder of Pure Digital, said:
On the other hand, Lauren Kiley, CEO of Pure Digital, expressed her enthusiasm for the partnership and the opportunity to work with Currenex. Kiley focused on their goaltif, to "transpose" the FX infrastructure to the crypto industry with a consortium led by the banking institution.
Global Head of Execution Services for GlobalLink, State Street Global Markets David Newns added:
However, by a Coindesk ' report , a State Street spokesperson said the bank is" evaluating trading on the platform. " The banking institution has not yet committed to actually transacting 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 24 hour chart. Source: BTCUSD Tradingview