BNY Mellon Joins State Street Into Crypto Trading, Backs Pure Digital Trading Platform

Sahaj  |  Jul 21, 2021

The oldest bank of America, BNY Mellon, has recently joined State Street and other banks in their foray into backing crypto trading platform Pure Digital. In accordance with the report shared by the Financial Times, the recent move of backing Pure Digital shows the surging interest of custody banks in cryptocurrencies from their clients.

BNY Mellon Backs Pure Digital Crypto Trading Platform

BNY Mellon made an announcement today that revealed it is going to join State Street Corporation and other banks in backing the Pure Digital crypto trading platform.  

Lauren Kiley, the CEO of Pure Digital, gave details about the recent move and said:

“We have spoken to all the top-tier banks, but we think custody banks were some of the first to see demand, so they are now more advanced.”

Apart from BNY Mellon and State Street, there are other four banks on the list which have extended support for the crypto trading platform but have refused to disclose their identity, and hence their names are not yet known.

In addition to this, the Global Head of Foreign Exchange at BNY Mellon, Jason Vitale, laid an emphasis on the future of digital assets and said:

“Digital assets are only going to become more embedded in global markets in the years ahead, and this collaboration accords with BNY Mellon’s wider strategy to develop a digital asset capability for clients across the entire trade life cycle.”

Crypto Market Sentiment Index Hits One-Year Low

The Fear and Greed Index, a market sentiment indicator popular with the traders in the market, has shown a value of 10, which marks the lowest value in the year 2021.

Even though Bitcoin managed to gain some dollars after witnessing a heavy sell-off, which was possibly caused by the B-Word conference that will involve a discussion between Jack Dorsey, Elon Musk, and Cathie Wood, the index did not respond as expected. 

Well, there is a positive side of this news too, as the last time when the Fear and Greed Index was close to 10, it was when the previous bull run started.

Related News