State Street is one of the oldest banks in the United States – the second oldest to be more precise. The bank has announced its debut into the cryptocurrency sphere through its foreign exchange platform, Currenex.
Currenex is a foreign exchange technology provider owned by State Street. Currenex has agreed to provide its trading infrastructure to a crypto trading platform by the name of Pure Digital which is owned by the cryptocurrency firm Puremarkets. Pure Digital is set to launch somewhere in the middle of 2021 and it is designed to be an automated over-the-counter market for cryptocurrency and digital assets. The trading platform has also incorporated bilateral credit and multiple custody solutions.
The collaboration of Pure Digital and Currenex may not be the only one as Pure Digital has been vocal about their willingness to work in conjunction with the second oldest bank in the crypto trading sphere. This may mark the beginning of a new era in the cryptocurrency adoption journey.
Furthermore, State Street has also been actively exploring the cryptocurrency market. In an announcement in March, the bank revealed it has been researching on the role of Bitcoin in multi-asset portfolios. Per the bank, Bitcoin can serve as a tool for investors to optimize their allocation with Bitcoin’s returns and diversification. The bank also believes that Bitcoin may be heading towards becoming an equity hedge.