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Finance

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

BNY Mellon and State Street join four other firms in backing the platform.

By Jamie Crawley
AccessTimeIconJul 21, 2021 at 10:41 a.m. UTC
Updated May 9, 2023 at 3:21 a.m. UTC
BNY Mellon, Bank

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

  • The New York-based lender will join a group that is 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 intentions to eventually start using the platform for trading, the FT said.
  • BNY Mellon and State Street join four other unidentified firms in backing the new platform, and trading will begin 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. BNY Mellon made the announcement in February, and State Street in June.
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