State Street Currenex to support launch of institutional interbank crypto platform

Pure Digital has entered into a technology agreement where State Street Currenex will provide trading infrastructure for its upcoming digital asset platform. 

Investment bank State Street is set to provide its trading technology infrastructure to startup institutional digital asset platform, Pure Digital, as it prepares to launch.  

The Pure Digital interbank crypto marketplace for institutional investors  will gain trading infrastructure and technology provided by State Street’s Currenex platform. Both firms have also agreed to continue exploring the digital asset space further. 

 “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,” said David Newns, global head of execution services for GlobalLink, at State Street Global Markets. 

The Pure Digital platform uses a conglomerate of banks as liquidity providers, custodians, and clearers for execution of large trades with price granularity and transparency. It also offers pre-trade bilateral credit and multi/smart custody and buy-side firms can participate via existing prime broker and custodian relationships.  

“We are excited to partner with Currenex, an industry leader in FX, on this initiative; as we work to transpose FX infrastructure to the crypto space via a bank-led consortium,” added Lauren Kiley, CEO of Pure Digital. 

Trading will begin in mid-2021and participants can opt for preferred digital asset custody solutions and manage risk through a smart custody routing mechanism.

Pure Digital is also backed by a team of crypto experts at Arcane Crytpo who develop and invest in projects focused on bitcoin and digital assets. 

 “It is an important step for Pure Digital that one of the leading banks in the world is now publicly declaring their support for Pure Digital. We believe this will help Pure Digital accelerate their development,” said, Torbjørn Bull Jenssen, CEO of Arcane Crypto. “Currenex is a company and an infrastructure that most of the leading banks in the world already are familiar with and trust. This could further speed up the process of attracting other Tier one banks.”