State Street, a $ 3 trillion company, switches to crypto

Source: Adobe / Lubo Ivanko

Financial giant based in the United States State street aims to enter the crypto trading market in the middle of this year.

State Street Trading Platform Currenex, which reportedly went on sale last year, in partnership with the London-based company Puremarkets Ltd (Pure Digital) to develop a wholesale and multi-custodian digital currency trading platform, Puremarkets said today, adding that the partners “intend to further explore the digital currency exchange space.”

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

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

“The Pure Digital trading platform will be the first of its kind, providing a wholesale interbank marketplace for Tier 1 investment banks to trade bitcoin and other digital assets. Pure Digital is in talks with several other Tier 1 investment banks to use the platform, which will provide a high-speed OTC marketplace for digital assets and cryptocurrencies with physical delivery and bank custody, “The Norwegian company focused on digital assets Arcane Crypto said in a separate ad. They indirectly hold a 37.5% stake in Puremarkets.

At the end of 2020, State Street had $ 3.47 billion in assets under management, 11% more than a year ago. However, their revenue fell 4% to $ 2.9 billion, and net income declined 5% to $ 537 million.

“As State Street has met the challenges in 2020, we are focused on growing expense income and expense management to continue to make progress in 2021 towards our mid-term goals. We are confident in our company’s trajectory and will continue to drive innovation, automation and productivity to achieve these goals, ”Ron O’Hanley, President and CEO of State Street, said.

Learn more:
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(Updated at 09:01 UTC with the last two paragraphs.)

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