New York-based bank BNY Mellon has joined the Pure Digital cryptocurrency trading platform targeted at banks and financial institutions.
Previously, Pure Digital was supported by four large banks, including the oldest American bank State Street. In April, State Street announced its readiness to provide the trading infrastructure for the platform through its Currenex trading technology division. BNY Mellon also plans to use Pure Digital to trade cryptocurrencies and launch cryptocurrency services.
Jason Vitale, head of the international foreign exchange department at BNY Mellon, is confident that digital assets will become an integral part of the financial market in the coming years. Therefore, the bank intends to expand the opportunities for clients to invest in crypto assets. Joining Pure Digital will allow the bank to compete with larger players in the financial industry, Vitale said.
Pure Digital co-founder Campbell Adams announced that cryptocurrency trading will be launching on the platform within a week. The first transaction is supposed to be done using bitcoin. Adams believes that cooperation with banking institutions will accelerate the development and expansion of the cryptocurrency market.
According to Pure Digital CEO Lauren Kiley, custodian banks were among the first to notice customer demand for cryptocurrencies, so they expressed their desire to join the platform.
BNY Mellon is becoming an increasingly active participant in the cryptocurrency industry. In February, the bank opened a digital assets division and began working on the infrastructure for issuing, transferring and storing cryptocurrencies. However, BNY Mellon’s subsidiary Insight Investment does not see Bitcoin as a suitable vehicle for institutional investors.
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