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Oldest US bank backs institutional bitcoin exchange

Bank of New York Mellon (BNY Mellon), the oldest bank in the United States, announced that it will support the new institutional platform for investments in bitcoin (BTC), developed by the London startup Pure Digital.

Both companies will work to establish a new comprehensive solution for the transaction of digital assets, as explained in a statement today, July 21.

The new platform, which has not yet received regulatory approval, will take advantage of the currency trading infrastructure of Pure Digital, a company that has been part of this industry since 2014. The company believes that this will give users “stability, security, transparency and capital efficiency.”

For his part, Jason Vitale, BNY Mellon’s Global Head of Currency, assures that cryptocurrencies will be increasingly integrated into global markets in the next years.

“This collaboration is consistent with BNY Mellon’s broader strategy to develop digital asset capacity for clients throughout the entire business lifecycle,” added Vitale.

As more top-tier banks join our initiative, we are moving closer to having an efficient wholesale cryptocurrency market that will ultimately lead to a more stable and mature asset class. We are delighted to welcome BNY Mellon to our initiative.

Lauren Kiley, CEO of Pure Digital.

The movement of the US bank is in accordance with what was reported by CriptoNoticias at the beginning of this year, when it indicated that BNY Mellon would guard cryptocurrencies, due to the interest and demand of its clients.

BNY Mellon has pushed the custody of bitcoin, in the same way that other financial entities such as Goldman Sachs and Morgan Stanley have done. Source: elements.envato.

BNY Mellon isn’t the only one supporting Pure Digital

The expansion and growth of Pure Digital is not only supported by the old financial institution.

In fact, the financial consortium State Street, also from the United States, partnered with Pure Digital to offer cryptocurrency trading for investors, through its banking relationships, through the Currenex platform of State Street, as reported by CriptoNoticias.

Pure Digital was founded by Campbell Adams, a forex markets expert who created a currency exchange center with the backing of a consortium of a dozen banks in 2014.

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