USD 3 Trillion Corporation State Street Goes Crypto

Adoption Banking Trading
Last updated:
Author
Author
Linas Kmieliauskas
About Author

Last updated:
Why Trust Cryptonews
Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

US-based financial giant State Street aims to enter the crypto trading market in the middle of this year.

Source: Adobe/Lubo Ivanko

State Street’s trading platform Currenex, that was reportedly put for sale last year, partnered with London-based Puremarkets Ltd (Pure Digital) in order to develop a wholesale, multi-custodial digital currency trading platform, Puremarkets said today, adding that the partners “intend to further explore the digital currency trading space.”

“Pure Digital will be a fully automated, high throughput [over-the-counter] market for digital assets and cryptocurrencies with physical delivery and bank custody,” the company said.

According to them, institutional participants will trade on the platform utilizing bilateral credit enabling efficient capital utilization and control for all trading participants.

“The Pure Digital trading platform will be the first of its kind, offering a wholesale interbank market for Tier 1 investment banks to trade bitcoin and other digital assets. Pure Digital is in discussions with several other Tier 1 investment banks to use the platform, which will provide a high throughput OTC market for digital assets and cryptocurrencies with physical delivery and bank custody,” Norway’s digital asset-focused company Arcane Crypto said in a separate announcement. They indirectly own a 37.5% stake in Puremarkets.

At the end of 2020, State Street had USD 3.47trn in assets under management or 11% more than a year ago. However, their revenue dropped by 4%, to 2.9bn, and net income decreased by 5%, to USD 537m.

“While State Street rose to the challenges in 2020, we are laser-focused on fee revenue growth and expense management to continue to make progress in 2021 towards our medium-term targets. We are confident in the trajectory of our business and will continue to drive innovation, automation and productivity to achieve these goals,” Ron O’Hanley, Chairman and CEO of State Street, said.
___

Learn more:
Goldman Sachs To Offer Bitcoin Investments In Q2 – Exec
JPMorgan to Offer ‘Crypto Exposure Basket’, but Criticized as Not ‘Crypto’
‘Time To Get Educated’: Morgan Stanley Brings BTC Funds To Rich Clients
Germany’s Biggest Bank Talked the Talk, Now it Walks the Crypto Walk
Mitsubishi, Banking & Telecom Giants Invest USD 62M in DeCurret
BNY Mellon Doubles Down On Its Bitcoin Plans, Invests In Fireblocks
____
(Updated at 09:01 UTC with the two last paragraphs.)

More Articles

News
World of Women and Artist Sara Baumann Launch Free NFT Portrait Series
Tanzeel Akhtar
Tanzeel Akhtar
2025-02-18 23:43:46
Blockchain News
Tether Co-Founder Supports New Stablecoin Project on Ethereum and Solana
Hassan Shittu
Hassan Shittu
2025-02-18 23:32:13
Crypto News in numbers
editors
Authors List + 66 More
2M+
Active Monthly Users Around the World
250+
Guides and Reviews Articles
8
Years on the Market
70
International Team Authors