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.

Jul 21, 2021 at 10:41 a.m. UTC
Updated Sep 14, 2021 at 1:28 p.m. UTC

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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