BNY Mellon has backed new cryptocurrency trading platform Pure Digital, following within the footsteps of fellow U.S. banking giant State Street, the Financial Times reported earlier today on Wednesday.
The New York-headquartered lender is to join a group backing the new bank-grade trading platform that’s set to launch in some approaching days.
State Street outlined earlier in April that it had been offering the infrastructure for Pure Digital.
Both the banks have voiced their intention to eventually start employing the platform for trading itself, the FT outlined.
The U.S’s leading and 2nd-oldest banks respectively, BNY Mellon and State Street join four other unknown firms in backing the new platform, trading on which can commence with a Bitcoin [BTC] trade “within every week,” consistent with Pure Digital co-founder Campbell Adams, the FT’s report outlined.
BNY Mellon and State Street have both announced the formation of cryptocurrency-based custody divisions this year, one earlier in February and the other later in June.