American investments manager BNY Mellon backs London-headquartered crypto marketplace Pure Digital with State Street and four other banking establishments.
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As reported by Financial Times, the move is motivated by the increasing interest in crypto by their customers. One of the US ancient banks, State Street, unveiled the framework for the platform in early April. What are the four banks apart from the mentioned ones, isn't known yet.
BNY Mellon's global head of foreign exchange Jason Vitale believes that digital assets will take more part of the international markets in the coming years. He added that the bank's recent backing is part of its strategy to offer clients more alternatives to trade digital assets.
Pure Digital co-founder Campbell Adams stated that the company is set to release its trading option in a week. The first supported asset will be BTC. Adams finds cooperation with banks is beneficial for the crypto space, boosting its adoption.
Both banks partnering with Pure digital have shown interest in crypto previously.
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BNY Mellon opened a crypto custody division in February 2021. A few days ago digital asset management GrayScale selected BNY to provide asset servicing and ETF services for its BTC Trust.
As for State Street, the bank announced an alliance with Gemini for a digital asset pilot. In June, the institution brought out a digital finance division focused on crypto, blockchain and CBDCs.