Amid growing demand from institutional clients for digital assets, Wall Street giant BNY Mellon is backing London-based crypto trading platform Pure Digital to provide trading and custodial solutions.
One of the U.S’s largest baking custodians State Street was the first to announce its support to the trading platform. BNY Mellon will be joining the consortium of six banks who are already in this project, reports Financial Times.
BNY is one of those popular conservative custodians safeguarding assets for some of the world’s largest asset managers. Now, these banks are seeing a growing interest from clients in trading and storing cryptocurrencies. Speaking to the publication, Pure Digital CEO Lauren Kiley said:
“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.”
The Wall Street bank is also keen on exploring “new digital asset servicing solutions” as the “regulatory landscape develops”. Jason Vitale, global head of foreign exchange at the US dealer said:
Trending Stories
“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”.
Betting on the Crypto Mania
Traditional banking institutions have always criticized crypto products and solutions. Custodial banks have been staying absolutely away from handling risky and volatile assets. However, the growing demand for digital assets among institutional players has forced them to join the game or be left behind.
Earlier in February 2021, the banking giant announced a new digital unit that will offer a Bitcoin custody solution. Later in June last month, the State street bank made a similar announcement. The latest partnership with Pure Digital shows that BNY Mellon seeks to expand its services by offering crypto trading.
Pure Digital co-founder Campbell Adams said that the first trade on the platform will happen “within a week”. This also makes Pure Digital the first crypto trading venue backed by traditional giants. All the banks in the consortium are also planning to create a cash crypto trading venue.
- Just In: Basel Committee Proposes Cap For Banks’ Bitcoin Holding
- Dogecoin (DOGE), Shiba Inu (SHIB) Show Strength, Here’s Why
- Breaking: Singapore Financial Regulator Reprimands Three Arrows Capital
- Ethereum Exchange Supply Spikes, ETH At A Risk of Correcting to $700 And Below
- Bitcoin Prices Can Reach This Level By End Of 2022; Reveals Deutsche Bank
- NFT Marketplace OpenSea Flags Data Breach, Here’s What Was Leaked
- EU Passes A Bill to Trace the Flow of Bitcoin & Crypto Assets In Regulatory Tightening Measures
- North Korea’s Lazarus Group Behind $100 Million Horizon Hack, Harmony Initiates Global Manhunt
- “People Mocking Saylor Will Regret”- Binance CEO
- Grayscale Initiates A Lawsuit Against the U.S. SEC Over Spot Bitcoin ETF Issues
- ETH Price Analysis: Is Ethereum Dropping To Three Digits?
- Bitcoin Price Analysis- BTC on Losing Streak Nearing $17800; Will it Hold?
- NEAR Price Analysis: Falling Prices Eye $3 Breakdown; Should Coin Holders Worry?
- SHIB Price Analysis: Sustained Selling may Lead $SHIB to $0.0000074?
- Sandbox Price Analysis: Crashing SAND Prices Warns 25% Downfall
- Solana Price Analysis: $36 Breakdown Teases SOL Price to Revisit $26
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
- Stacks Price Analysis: Reversal Within Wedge Pattern Eyes $0.3 Support
