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State Street said it would partner with Pure Digital, a start-up that aims to offer cash cryptocurrency trading for investors through their existing bank relationships, with State Street’s Currenex platform providing the underlying technology. The venue is set to go live in “mid-2021”.
The State Street decision comes less than a week before Coinbase, one of the biggest cryptocurrency exchanges, is set to go public through a direct listing. The group said earlier this week it had 56m verified users as of the end of the first quarter, with 6.1m performing transactions on average every month. Quarterly trading volume was $335bn. The planned launch of the Pure Digital venue is the latest in a line of announcements from major financial firms exploring cryptocurrencies and taking tentative steps towards playing a more substantial role in cryptocurrency markets.
https://www.ft.com/content/a4c19360-1bcf-4599-9ffe-b6a4d69f29fe
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