The Bank of New York Mellon Corporation and State Street Corporation joined four other institutions in backing the digital asset exchange Pure Digital. Furthermore, America’s oldest banking organization plans to expand its crypto offerings to clients.
The move suggested that customers have been recently showing a growing demand for virtual currencies. On top of it, BNY Mellon assured its clients that it would “explore new digital asset servicing solutions as the regulatory landscape develops.” Jason Vitale – Global Head of Foreign Exchange at the bank – noted:
“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.”
Pure Digital will reportedly be the first trading platform for digital assets where banking institutions would be the driving force.
BNY Mellon Expanded Its Crypto Services
America’s oldest bank has proved its support towards the digital asset space numerous times. Earlier this year, it announced plans to expand its cryptocurrency endeavors out of the borders of the States. Namely, BNY Mellon intended to release custodial services in Ireland through its local branch.
“Engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF. BNY Mellon has a long-standing reputation as a trusted provider and has established one of the first teams dedicated to servicing the growing digital currency asset class.” – noted Grayscale’s CEO – Michael Sonnenshein.