According to a press release, one of the most important banks in the U.S. State Street will partner with start-up Puremarkets. The cooperation will enable State Street’s Currenex, a “high performance” trading technology provider, to work with the start-up on a crypto trading platform.
In parallel, the partners might explore “the digital currency trading space”. With over $3.15 trillion in assets under management and $38 assets under custody, State Street is one of the largest banks revealing participation in the crypto industry.
The trading platform called Pure Digital will be, according to the press release, automated with a “high throughput OTC market”. Also, it will support trading with cryptocurrencies, like Bitcoin and Ethereum, with digital assets, such as USDT.
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Pure Digital users will be able to leverage bilateral credit to gain “efficient capital utilization and control”. In that way, the partners will contribute to strengthen the crypto market for “price discovery” and lower the “risk” when trading with the asset class.