BNY Mellon embraces Pure Digital and crypto trading

There is also bank BNY Mellon among the lenders of the consortium that will launch Pure Digital, the trading platform for bitcoin and cryptocurrencies.

This was announced by the Financial Times .

BNY Mellon’s move is not surprising. In fact, the New York banking giant announced last February that it would offer its customers services related to cryptocurrencies . Not only that, it is also collaborating with Grayscale to arrive at the launch of a bitcoin ETF (assuming the SEC authorizes it). 

With this new announcement it is clear that BNY wants to have even more space in the crypto sector. 

What is Pure Digital and why BNY Mellon will support it

Pure Digital is the crypto trading platform that will be launched by Pure Markets (of which 37.5% of the shares are held by A rcane Crypto AB) , in collaboration with State Street Bank & Trust Company (another of the most important US banks). 

The platform aims to be the first of its kind, allowing banks to offer investment services on bitcoin and cryptocurrencies. Pure Digital also aims to be fast and also to integrate custody services. 

Obviously, this platform is certainly not aimed at retail traders but at institutional investors. Indeed, Pure Digital’s project is precisely to intercept the growing demand for bitcoin and cryptocurrencies, offering these customers an environment that is as similar as possible to that of classic investments. 

This would also be a turning point for banks, which until now have always feared bitcoin due to its volatility and associated risks. But with the rise in the price of BTC, which hit $ 65,000 in April, interest in it has increased.

Banks are beginning to understand that this question cannot be left to exchanges alone. BNY Mellon is an example of how the trend is changing and even credit institutions are in a certain sense “folding”. They understood that they cannot continue to ignore bitcoin.

Jason Vitale , global foreign exchange manager at BNY Mellon said: 

“Digital businesses will become increasingly integrated into global markets in the coming years, and this collaboration is in accord with BNY Mellon’s broader strategy of developing digital business capacity for customers across the entire trading lifecycle.”

In short, bitcoin was born to fight the banks. He ended up conquering them.

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