Boston-based leading international financial services provider State Street unlocks crypto purchase function on its network. Particularly, the institution partnered with Puremarkets to offer the option on the Currenex platform.
Related: Goldman Sachs predicted evolution of the crypto market
Pure Digital is building an over-the-counter (OTC) crypto exchange platform for institutional investors, and Currenex is providing the framework for it. As stated by the asset manager, the new service will be launched in the middle of 2021. It aims to allow State Street and other institutions' clients to trade crypto. Traders will be able to leverage the digital asset custody solutions they prefer and manage risk via smart custody ensuring structure.
The number of banks integrating crypto services has been increasing. Previously JPMorgan, BNY Melon, Goldman Sachs, and Morgan Stanley introduced crypto-related investment products and services, Fidelity filed for Bitcoin ETF.
Jesse Powell, the CEO of cryptocurrency exchange Kraken even believes that in the future crypto organizations will replace banks.