BNY Mellon joins State Street to support a new crypto exchange

On Wednesday, America's oldest bank, the Bank of New York Mellon Corporation (BNY Mellon), disclosed it will partner with State Street Corporation and four other banks in supporting Pure Digital, a British based crypto trading platform.

BNY Mellon joins State Street to support a new crypto exchange

On Wednesday, America's oldest bank, the Bank of New York Mellon Corporation (BNY Mellon), disclosed it will partner with State Street Corporation and four other banks in supporting Pure Digital, a British based crypto trading platform.

In a report credited to the Financial Times, the partnership reveals both BNY Mellon and State Street, two of the world's largest custody banks, are currently seeing growing interest in crypto assets from their customers.

In addition, the strategic crypto venture came under the spotlight in April, as State Street revealed plans to provide its trading structure to Pure Digital through Currenex, its foreign exchange technology subsidiary.

The institutional-grade platform is contemplated to be an automated over-the-counter market for digital assets, featuring bank custody and physical delivery.

Jason Vitale, the global head of foreign exchange at BNY Mellon spoke on the rationality behind such partnership, as Crypto assets become more embedded in global financial markets for years to come, and this synergy accords with America's oldest bank plan in developing a wider crypto capability for clients across the entire trade life cycle.

Some days ago, the 17th-century old bank signed an agreement with leading digital asset manager Grayscale Investments, providing a set of services to its popular Bitcoin investment product.

BNY Mellon was officially appointed by Grayscale as an asset servicing provider for Grayscale’s Bitcoin Trust (GBTC), also provide exchange-traded fund-related services for the GBTC upon its conversion to an exchange-traded fund.

This moves amount to a significant shift by America’s leading custodian banks, with expertise in the protection of the financial assets of their clients.