Bank of New York Mellon joins State Street to provide services for new cryptocurrency exchange

Bank of New York Mellon is joining a new cryptocurrency program to provide custody support for a new cryptocurrency exchange backed by Bank of America State Street.

According to a report in the Financial Times on Wednesday, the Bank of New York Mellon Join A consortium of six banks supported the launch of London-based Pure Digital, a new crypto trading platform company that plans to implement its first Bitcoin (Bitcoin) Trading in the near future.

Upcoming crypto companies became the focus of industry attention in April, and State Street announced plans Provide Pure Digital Exchange with its trading infrastructure Through Currenex, its foreign exchange technology subsidiary. The institution-level platform is expected to become a fully automated cryptocurrency over-the-counter trading market, with physical delivery and bank custody functions.

According to the report, the Bank of New York Mellon and State Street Bank, as well as other unnamed banks behind Pure Digital, will create a cash and cryptocurrency trading venue to compete with larger industry players. “We have talked with all the top banks, but we believe that custodial banks are the first to see demand, so they are now more advanced,” said Lauren Kiley, CEO of Pure Digital.

According to reports, Pure Digital co-founder Campbell Adams pointed out that the company is expected to launch a transaction “within a week”, and the first transaction is tentatively related to a Bitcoin transaction. The executive also said that Pure Digital is not worried about cooperation with banking institutions and expressed belief that the bank’s contribution is important for the industry’s adoption. “The crypto market needs banks, and I don’t think it can expand without them,” he said.

related: Goldman Sachs’ crypto trading platform expands to Ethereum

The latest news marks another milestone in the adoption of cryptocurrency by U.S. financial institutions, with the Bank of New York Mellon and State Street Banking both increasingly participating in the industry.Rear Announcing crypto custody plan In February, the Bank of New York Mellon continued to enter the crypto field, and last week became Exchange Traded Fund Service Provider For Grayscale Investments, a major crypto asset management company.

State Street is known for its digital currency cooperation with Winklevoss’ Bitcoin exchange Gemini.Last month, the bank Established a dedicated digital financial department Focus on cryptocurrency, blockchain technology and central bank digital currency.