In response to rising demand from institutional clients, the financial group BNY Mellon has joined a consortium of six banks backing the launch of the Pure Digital platform for trading digital assets. Financial Times reports.
A spokesperson for the group told the publication that the organisation would study crypto-focused solutions “as regulatory frameworks develop.” BNY Mellon plans to use the Pure Digital platform to provide trading services and to launch related offerings.
“In the coming years, digital assets will increasingly penetrate global markets. This collaboration aligns with a broader BNY Mellon strategy aimed at developing digital-asset-related opportunities for clients across the lifecycle of a trade,” said Jason Vitale, head of the group’s Global Foreign Exchange Operations.
Earlier, one of the oldest banks in the United States State Street announced support for Pure Digital. The financial institution served as the provider of infrastructure technologies for the trading platform.
According to Pure Digital chief Lauren Kailey, conservative custodian banks offering services to the largest asset managers have noticed growing client interest in cryptocurrency trading.
“We have spoken to all the leading banks, but we believe custodian banks were among the first to spot the demand, so they are now more advanced,” she added.
In February 2021, BNY Mellon announced the launch of custody services for bitcoin and other cryptocurrencies.
In June, State Street announced the creation of a new unit focused on digital assets and the decentralized-finance sector.
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