The upcoming crypto trading platform Pure Digital has received the backing of yet another U.S. banking giant, this time it’s the Bank of New York Mellon, the Financial Times reported on 21 July.
According to the publication, BNY Mellon is joining a group of banks that all support the London-based crypto trading platform. Four of the backers remain unidentified, but BNY Mellon has offered to provide Pure Digital with custody support, while State Street will contribute with its trading infrastructure and technology. The CEO of Pure Digital, Lauren Kiley, said in a statement:
‘“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.”
Being the first and second-oldest banks in the U.S. respectively, both BNY Mellon and State Street have expressed their intention of eventually using the platform for trading themselves. The platform is expected to be an institutional-grade fully automated over-the-counter market for crypto, which will also offer physical delivery and bank custody.
According to Pure Digital co-founder Campbell Adams, the Pure Digital platform is almost ready for launch, and will conduct its first Bitcoin trade “within a week”. He further explained that collaborating with banks was one of the quickest ways to advance crypto adoption, stating that the “crypto market needs banks, I don’t think it can scale without them”.