{"id":460820,"date":"2021-04-08T20:07:29","date_gmt":"2021-04-08T20:07:29","guid":{"rendered":"https:\/\/wncen.com\/?p=460820"},"modified":"2021-04-08T20:11:41","modified_gmt":"2021-04-08T20:11:41","slug":"will-the-u-s-second-oldest-bank-state-street-start-trading-crypto","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/will-the-u-s-second-oldest-bank-state-street-start-trading-crypto\/","title":{"rendered":"Will the U.S. second oldest bank State Street start trading crypto?"},"content":{"rendered":"

According to a press release<\/a>, one of the most important banks in the U.S. State Street will partner with start-up Puremarkets. The cooperation will enable State Street\u2019s Currenex, a \u201chigh performance\u201d trading technology provider, to work with the start-up on a crypto trading platform.<\/p>\n

In parallel, the partners might explore \u201cthe digital currency trading space\u201d. 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.<\/a><\/p>\n

The trading platform called Pure Digital will be, according to the press release, automated with a \u201chigh throughput OTC market\u201d. Also, it will support trading with cryptocurrencies, like Bitcoin and Ethereum, with digital assets, such as USDT.<\/p>\n

Pure Digital users will be able to leverage bilateral credit to gain \u201cefficient capital utilization and control\u201d. In that way, the partners will contribute to strengthen the crypto market for \u201cprice discovery\u201d and lower the \u201crisk\u201d when trading with the asset class.<\/p>\n

Crypto trading platform under evaluation<\/h2>\n

The platform is expected to be launch around Q2, 2021. In addition to the above, the platform will have a \u201csmart custody routing mechanism\u201d. This will allow users to trade under their \u201cprefer asset custody solution\u201d.<\/p>\n

To reduce costs for all traders, Pure Digital will integrate FX-industry standard API, according to the release. Users looking to acquire long positions will have the option of trading with their \u201cexisting Prime Bank\/Custodial relationships and infrastructure\u201d. Campbell Adams, Founder of Pure Digital said:<\/p>\n

Pure Digital is pleased to explore the digital asset space with State Street as we share the same vision for the future of the digital currency market.<\/p><\/blockquote>\n

On the other hand, Pure Digital CEO Lauren Kiley expressed excitement about the partnership and for the opportunity to work with Currenex. Kiley made emphasis on their objective, \u201ctranspose\u201d FX infrastructure over to the crypto sector along with a consortium led by the banking institution.<\/p>\n

Global Head of Execution Services for GlobalLink, State Street Global Markets David Newns added:<\/p>\n

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.<\/p><\/blockquote>\n

However, per a Coindesk\u2019 report<\/a>, a State Street spokesperson said the bank is \u201cevaluating trading on the platform\u201d. The banking institution is yet to commit to actually carry out operations in cryptocurrencies.<\/p>\n

At the time of writing, Bitcoin is trading<\/a> at $57.709 with gains of 3.4% in the daily chart.<\/p>\n

\"State
BTC showing bullish momentum in the 24-hour chart. Source: BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"

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\u2019s Currenex, a \u201chigh performance\u201d trading technology provider, to work with the start-up on a crypto trading platform. In parallel, the partners might explore \u201cthe digital currency trading space\u201d. 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 \u201chigh throughput OTC market\u201d. Also, it will support trading with cryptocurrencies, like Bitcoin and Ethereum, with digital assets, such as USDT. Pure Digital users will be able to leverage bilateral credit to gain \u201cefficient capital utilization and control\u201d. In that way, the partners will contribute to strengthen the crypto market for \u201cprice discovery\u201d and lower the \u201crisk\u201d when trading with the asset class. Crypto trading platform under evaluation The platform is expected to be launch around Q2, 2021. In addition to the above, the platform will have a \u201csmart custody routing mechanism\u201d. This will allow users to trade under their \u201cprefer asset custody solution\u201d. To reduce costs for all traders, Pure Digital will integrate FX-industry standard API, according to the release. Users looking to acquire long positions will have the option of trading with their \u201cexisting Prime Bank\/Custodial relationships and infrastructure\u201d. Campbell Adams, Founder of Pure Digital said: Pure Digital is pleased to explore the digital asset space with State Street as we share the same vision for the future of the digital currency market. On the other hand, Pure Digital CEO Lauren Kiley expressed excitement about the partnership and for the opportunity to work with Currenex. Kiley made emphasis on their objective, \u201ctranspose\u201d FX infrastructure over to the crypto sector along with a consortium led by the banking institution. Global Head of Execution Services for GlobalLink, State Street Global Markets David Newns added: 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. However, per a Coindesk\u2019 report, a State Street spokesperson said the bank is \u201cevaluating trading on the platform\u201d. The banking institution is yet to commit to actually carry out operations in cryptocurrencies. At the time of writing, Bitcoin is trading at $57.709 with gains of 3.4% in the daily chart.<\/p>\n","protected":false},"author":535,"featured_media":460822,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79568,3],"tags":[428,1119,8323,1946,8686],"class_list":["post-460820","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-company","category-news","tag-bitcoin","tag-btc","tag-eth","tag-ethereum","tag-ethusd"],"acf":[],"yoast_head":"\nWill the U.S. second oldest bank State Street start trading crypto?<\/title>\n<meta name=\"description\" content=\"According to a press release, one of the most important banks in the U.S. State Street will partner with start-up Puremarkets. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Will the U.S. second oldest bank State Street start trading crypto?","url":"http:\/\/wncen.com\/news\/will-the-u-s-second-oldest-bank-state-street-start-trading-crypto\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/will-the-u-s-second-oldest-bank-state-street-start-trading-crypto\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Cryptoccurrencies-Bitcoin-BTC-Ethereum.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Cryptoccurrencies-Bitcoin-BTC-Ethereum.jpg?fit=690%2C422"},"articleSection":"Company News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","eth","ethereum","ethusd"],"dateCreated":"2021-04-08T20:07:29Z","datePublished":"2021-04-08T20:07:29Z","dateModified":"2021-04-08T20:11:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Will the U.S. second oldest bank State Street start trading crypto?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/will-the-u-s-second-oldest-bank-state-street-start-trading-crypto\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/will-the-u-s-second-oldest-bank-state-street-start-trading-crypto\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Cryptoccurrencies-Bitcoin-BTC-Ethereum.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Cryptoccurrencies-Bitcoin-BTC-Ethereum.jpg?fit=690%2C422\"},\"articleSection\":\"Company News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"eth\",\"ethereum\",\"ethusd\"],\"dateCreated\":\"2021-04-08T20:07:29Z\",\"datePublished\":\"2021-04-08T20:07:29Z\",\"dateModified\":\"2021-04-08T20:11:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Cryptoccurrencies-Bitcoin-BTC-Ethereum.jpg?fit=690%2C422","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/460820"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=460820"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/460820\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/460822"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=460820"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=460820"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=460820"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}