Home Business Bitcoin and banks: BNY Mellon new entry in the Pure Digital project, together with State Street for trading platform ‘within a week’

Bitcoin and banks: BNY Mellon new entry in the Pure Digital project, together with State Street for trading platform ‘within a week’

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Bitcoin in recovery, not only reappears the threshold of $ 30,000 but also exceeds $ 31,000: Ethereum and Dogecoin also positive, after that il Financial Times reported the news relating to the decision of Bank of New York Mellon to join a consortium consisting of State Street and four other banks to support the cryptocurrency trading platform Pure Digital, where Bitcoin trading will go live “within a week”.

The announcement of the imminent operation of the platform was made by the co-founder of Pure Digital Campbell Adams, according to the FT.
The agreement, writes the newspaper, confirms the “growing demand for Bitcoin and other digital tokens by traditional asset managers“.
The first to announce their support for the trading platform was the bank State Street which, last April, announced that it would make its infrastructure available to Pure Digital, a consortium that defines itself as an interbank marketplace.
The FT comments on the decision with BNY Mellon.
“The move suggests that well-known banks to provide custody services, and therefore protecting the assets of some of the largest fund managers in the world, are gathering the growing interest of customers in trading digital currencies ”, writes the newspaper.
“We talked to all the major banks, but we felt that the banks that provide custody services were the first to test the demand, and therefore the most forward,” he commented. Lauren Kiley, CEO of Pure Digital.
Bank of New York Mellon’s assist came in spite of the sales that for weeks have continued to harass Bitcoin, which has cleared all earnings reported from the start of a year that looked promising, dropping even below the $ 30,000 mark in recent days for the first time in weeks.
BNY Mellon reported intentions to “explore new solutions for offer clients digital asset services, at a time when the regulatory environment is developing “.

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BNY Mellon and State Street together in the Pure Digital project

“Digital assets are simply destined to become more and more part of global markets, over the next few years, and this collaboration is consistent with BNY Mellon’s broader strategy, which aims to develop a digital asset capacity for clients, ”Jason Vitale, global head of the forex division of the American dealer, told FT.
The agreement is considered even more positive for the crypto world when you consider that, historically, the leading banks in custody services have never been associated with projects or markets. considered innovative and risky.
BNY Mellon had already created its own digital division in February; State Street did the same thing in June.
Both banks are looking to expand their business beyond custody, focusing on trading.
It is not known so far the name of the other banks who have decided to participate in the project. What is certain is that Pure Digital will be the first cryptocurrency trading platform managed by banks.
The FT notes that the banks have arrived late in the cryptocurrency trading business, dominated so far by companies that have no experience in traditional financial markets, such as Coinbase and FTX: the latter concluded a round of financing yesterday, which attributes it a value of $ 18 billion.
It must be said that the number one cryptocurrency in the world had already received an assist from Bank of New York Mellon, as well as from Mastercard in February: and the support was enough to make Bitcoin fly to new record values.

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