BNY Mellon joins State Street in crypto trading push
Two of the world’s largest custody banks have publicly backed cryptocurrency trading platform Pure Digital, in a move that points to growing demand from traditional asset managers for bitcoin and other digital tokens.
Bank of New York Mellon has joined the consortium of six banks behind the launch of London-based Pure Digital, three months after State Street became the first to announce its support for the planned exchange.
The step suggested that normally staid and conservative custodians, which safeguard assets for some of the world’s largest asset managers, are fielding increasing interest from clients about trading digital currencies.
“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,” said Lauren Kiley, Pure Digital chief executive officer.
The backing came despite…