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State Street to Launch Cryptocurrency Platform for Banks

State Street, the second oldest bank in the United States, will launch a digital asset trading platform for financial institutions in mid-2021.

The initiative is being implemented by Currenex, a technology provider for the currency market, which is part of the $ 3.1 trillion holding, in collaboration with the Puremarkets cryptocurrency marketplace.

The Pure Digital platform will become a high-performance electronic trading system with physical asset delivery and custody bank custody. Institutional investors will have access to bilateral credit lines and the option to create a list of counterparties of their choice.

Custodian services are provided by several partners. Pure Digital users will be able to manage risk with an intelligent storage routing engine.

The CEO of the startup Lauren Kylie said in an interview with CoinDesk that State Street will be one of the many banks participating in the platform.

Puremarkets founder Campbell Adams said Pure Digital will enable the digital asset market to grow and mature.

“The presence of large financial institutions is required. There is virtually no primary market now. There are scattered crypto exchanges with different rules of interaction and systems. This leads to fragmented market data. “ he stated.

State Street was among the first members of the R3 banking consortium in 2015. In February 2016, the corporation became part of the Hyperledger Project.

In 2019, the holding launched a pilot project in the field of digital assets in cooperation with the Gemini bitcoin exchange.

Recall that at the end of 2020, State Street and financial giant S&P Global led a $ 15 million round of funding for cryptocurrency data provider Lukka.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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