According to a press release, a major US State Street bank will partner with startup Puremarkets. The collaboration will allow State Street’s Currenex, a provider of “high performance” trading technologies, to work with the start-up on a crypto trading platform.
At the same time, the partners could explore the “trading room for digital currencies”. With over $ 3.15 trillion in assets under management and $ 38 under management, State Street is one of the largest banks to disclose involvement in the crypto industry.
According to the press release, the Pure Digital trading platform will be automated with an “OTC market with high throughput”. It also supports trading in cryptocurrencies such as Bitcoin and Ethereum with digital assets such as USDT.
Pure Digital users can take advantage of bilateral credit for “efficient use and control of capital”. In this way, the partners contribute to strengthening the crypto market for “pricing” and reducing the “risk” when trading the asset class.
Crypto trading platform in review
The platform is expected to start in the 2nd quarter of 2021. In addition, the platform will have a “Smart Custody Routing Mechanism”. This allows users to trade under their “preferred asset custody solution”.
In order to reduce costs for all traders, Pure Digital will integrate the FX industry standard API according to the version. Users who wish to acquire long positions have the option of trading with their “existing relationships and infrastructures between Prime Bank and Custodian”. Campbell Adams, Founder of Pure Digital, said:
Pure Digital is excited to explore digital assets with State Street as we share the same vision for the future of the digital currency market.
On the flip side, Pure Digital CEO Lauren Kiley was excited about the partnership and opportunity to work with Currenex. Kiley emphasized her goal of moving the forex infrastructure to the crypto sector along with a consortium led by the banking institution.
David Newns, Global Head of Execution Services for GlobalLink, State Street Global Markets added:
Currenex is excited to leverage our experience and expertise in the Forex and Digital Asset Trading market to provide Pure Digital with robust technology and infrastructure for this exciting digital currency trading initiative.
However, a State Street spokesman said the bank was evaluating “trading on the platform,” according to a Coindesk report. The banking institution still has to commit to actually carrying out operations in cryptocurrencies.
At the time of writing, Bitcoin is trading at $ 57.709, up 3.4% on the daily chart.