U.S. banking giant State Street, with over $3 trillion worth of assets under management, is helping build a cryptocurrency trading platform for institutions.
State Street's Currenex unit has partnered with Arcane Crypto-backed Pure Digital for the initiative. (Currenex provides technology to institutional foreign exchange or FX platforms).
London-based Pure Digital is building an over-the-counter (OTC) crypto trading platform for institutional investors, and Currenex is providing infrastructure for it.
"Currenex is thrilled to leverage our experience and expertise in the FX and digital asset trading marketplace to provide Pure Digital with robust technology and infrastructure for this exciting digital currency trading initiative," said David Newns, global head of execution services for GlobalLink at State Street Global Markets.
Pure Digital's crypto venue is expected to go live in the "middle of 2021" and will be "multi-custodial," meaning investors could choose a custodian of their choice.
State Street and other banks will reportedly use the platform to enable crypto trading for their clients.
State Street is the latest financial institution to enter the crypto space. In recent weeks, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, and others have moved to provide crypto services to their clients.