BNY Mellon Joins 5 Other Banks To Back Up Crypto Trading Firm Pure Digital
BNY Mellon and five other banks have shown their support to the new cryptocurrency trading venue Pure Digital.
The Bank of New York Mellon Corporation, State Street Corporation and four other financial institutions in backing the digital asset exchange Pure Digital. In addition, BNY Mellon, America’s oldest banking organization, have plans to expand its crypto offerings to clients.
BNY Mellon Getting More Involved in Crypto
Financial Times reported, that one of the largest custodian banks – BNY Mellon – has publicly declared its support towards the London-based cryptocurrency exchange Pure Digital. The top financial institution joined five other banks that were already backing up the trading venue, with State Street Corporation being one of them.
More and more customers have been recently showing a growing demand for virtual currencies. On top of it, BNY Mellon assured its clients that it would “explore new digital asset servicing solutions as the regulatory landscape develops.”
Jason Vitale, Global Head of Foreign Exchange at BNY Mellon, noted:
“Digital assets are only going to become more embedded in global markets in the years ahead, and this collaboration accords with BNY Mellon’s wider strategy to develop a digital asset capability for clients across the entire trade life cycle.”
Pure Digital will be the first trading platform for cryptocurrencies where banking institutions would be the driving force. BNY Mellon, State Street, and the other unidentified four banks supporting the project would aim to create a cash cryptocurrency exchange, hoping to compete against larger industry players. Pure Digital’s Co-Founder – Campbell Adams – commented on the news:
“We are not worried about aligning ourselves with banks. The crypto market needs banks, I don’t think it can scale without them.”
BNY Mellon Expanded Its Crypto Services
America’s oldest bank has proved its support towards the digital asset space numerous times. For example, beginning of last month, it announced plans to expand its cryptocurrency endeavors in Ireland. Namely, BNY Mellon intended to release custodial services in Ireland through its local branch.
Just last week, the banking giant partnered up with the world’s largest digital asset manager – Grayscale Investments – in its efforts to convert the Bitcoin Trust into BTC ETF. As a result, BNY Mellon would provide the company with fund accounting and administration starting later this year.
“Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF. BNY Mellon has a long-standing reputation as a trusted provider and has established one of the first teams dedicated to servicing the growing digital currency asset class.” – noted Grayscale’s CEO – Michael Sonnenshein.
