Two major banks stand together! Bank of New York Mellon and State Street support new exchange "Pure Digital"

Following the footsteps of the DCG Group, the New York Mellon Bank has also announced its support for the cryptocurrency exchange "Pure Digital." The platform is expected to officially launch its trading services within a week, making Pure Digital one of the cryptocurrency exchanges supported by two major global custodian banks.

Pure Digital

According to the Financial Times, after State Street from the Dow Jones Group announced its support for the exchange Pure Digital in April, BNY Mellon of New York Mellon Bank has also joined the ranks.

Pure Digital, which claims to be launching a cryptocurrency trading platform within a week, is based in London and is a provider of foreign exchange trading infrastructure. In April, it announced the launch of a digital asset trading platform, with State Street's Currenex trading technology department as the technology provider.

According to a previous press release, Pure Digital claims to be a high-throughput cryptocurrency trading platform that can provide physical delivery and bank-grade custody services. It adopts the API standard of the foreign exchange industry, and users can also freely choose custody solutions.

Lauren Kiley, CEO of Pure Digital, said:

We have contacted all the top banks, but we believe that custodian banks are the banks that are most advanced in seeing the demand for cryptocurrencies.

BNY Mellon of New York Mellon Bank

BNY Mellon of New York Mellon Bank has been trying to expand its business in the cryptocurrency industry this year, announcing the launch of Bitcoin custody services in February and stating that digital assets have become mainstream.

In April and July of this year, it successively became the asset service provider for the First Trust SkyBridge Bitcoin ETF and the Grayscale Bitcoin Trust.

State Street from the Dow Jones Group

State Street from the Dow Jones Group, the second oldest financial institution in the United States, established a new department "State Street Digital" focusing on digital finance in June this year, following BNY Mellon of New York Mellon Bank in launching digital asset services.

Apparently, both banks hope to expand their capabilities from custody to cryptocurrency trading. In addition, a total of six banks support Pure Digital, although this was not disclosed in the press release.

Specifically, Pure Digital did not disclose too many platform details, and as the first platform powered by multiple large banks, its co-founder Campbell Adams does not seem concerned about competing with current mainstream cryptocurrency exchanges. He said:

We are not worried about getting too close to the banks. The cryptocurrency market needs banks. I think without banks, exchanges cannot achieve large-scale expansion.