BNY Mellon joins State Street in backing a crypto exchange as digital assets continue to surge in popularity

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Has joined and a group of banks backing Pure Digital, a crypto exchange catering to institutional traders. “As more top-tier banks join our initiative, we move closer to having an efficient wholesale crypto market which will ultimately lead to a more stable and mature asset class,” said Pure Digital CEO Lauren Kiley in a . In April, Pure Digital with plans to go live sometime in mid-2021.

Its first trade is now imminent – “within a week” – and will involve , founder Campbell Adams . BNY Mellon and State Street are deliberating whether to trade on Pure Digital or just act as technology partners, according to the FT. Wary of the risky new asset class, banks at first hesitated as crypto exchanges like and Binance built businesses on whirlwind trading activity. Now, as institutional interest nudges banks into crypto, different approaches are being tested. BNY Mellon and State Street both set up digital-asset units in the past few more...