BNY Mellon (BK) Joins State Street (STT) in Backing Crypto Trading Platform Pure Digital - FT

July 21, 2021 7:35 AM EDT

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Bank of New York Mellon Corp (NYSE: BK) has joined other banks in supporting the cryptocurrency trading platform Pure Digital, according to a report in the Financial Times.

A consortium of six banks, including BK and State Street (NYSE: STT), is backing the launch of the British platform Pure Digital in another signal that money managers are seeking further cryptocurrency trading exposure.

“We have spoken to all the top-tier banks but we think custody banks were some of the first to see demand, so they are now more advanced,” said Lauren Kiley, Pure Digital chief executive officer.

BK said it seeks to “explore new digital asset servicing solutions for our clients as the regulatory landscape develops”. The bank, as well as STT, plan to use the cash platform for trading.

“Digital assets are only going to become more embedded in global markets in the years ahead, and this collaboration accords with BNY Mellon’s wider strategy to develop a digital asset capability for clients across the entire trade life cycle,” said Jason Vitale, global head of foreign exchange at the US dealer.

Pure Digital plans to complete a first Bitcoin (BTC) trade in the coming weeks, according to a report.

“We are not worried about aligning ourselves with banks. The crypto market needs banks, I don’t think it can scale without them,” commented Campbell Adams, Pure Digital co-founder.

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