America’s Oldest Bank, BNY Mellon, Doubles Down On Its Crypto Strategy
The oldest bank in the US, New York Mellon Corp., has joined another US-based financial giant State Street in order to develop “a platform to support the entire digital asset life cycle.”
Both companies are now part of the consortium of banks that collaborate with London-based Puremarkets Limited (Pure Digital) to help establish a new front-to-back office solution for transacting digital assets, Arcane Crypto, a Swedish crypto investment company, said in an announcement today. Arcane Crypto has a 37.5% stake in Pure Digital. State Street’s trading platform Currenex partnered with Pure Digital in April.
Pure Digital will be the primary source of price origination and discovery for the digital currency market that results from the initiative, the Swedish company said, adding that the final platform will leverage Pure Digital’s FX trading industry infrastructure.
“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,” Jason Vitale, Global Head of Foreign Exchange at BNY Mellon, was quoted as saying in the announcement.
In February this year, the bank announced that it will start holding and transferring bitcoin (BTC) and other unspecified cryptoassets on behalf of its asset-management clients in 2021.
In March, the bank joined other investors and made a strategic investment in digital asset storage, transfer, and issuing platform Fireblocks.
Also, as reported in June, BNY Mellon is said to be creating a new Dublin-based unit that will offer digital assets to their clients as part of their Digital Innovation Hub.
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