BNY Mellon Joins Pure Digital Project
Posted by Colin Lambert. Last updated: July 21, 2021
BNY Mellon has joined the consortium of banks working with Pure Digital to develop a platform to support the entire digital asset life cycle
The bank will collaborate closely with Pure Digital and the other banks in the consortium to help establish a new front-to-back office solution for transacting digital assets. It will also play a role in determining the optimal structure for the platform.
Earlier this year, BNY Mellon announced the formation of a dedicated digital assets unit aimed at improving accessibility and processing for the nascent asset classes.
The aim of the Pure Digital project is a platform that will be the primary source of price origination and discovery for the digital currency market. The final platform – subject to regulatory approval – will leverage Pure Digital’s FX trading industry infrastructure, which is being provided by State Street’s Currenex, and provide users with stability, security, transparency, as well as capital efficiency, the firm says.
“With ever-growing client-driven interest and demand in the digital currency space it is natural for a leading first mover bank like BNY Mellon to support our initiative,” says Campbell Adams, founder of Pure Markets. “We look forward to working closely with the digital team at BNY Mellon.”
Lauren Kiley, CEO of Pure Digital, adds, “As more top-tier banks join our initiative, we move closer to having an efficient wholesale crypto market which will ultimately lead to a more stable and mature asset class.”
Meanwhile, Jason Vitale, global head of foreign exchange at BNY Mellon, says, “BNY Mellon is pleased to be working with Pure Digital and other consortium members to explore new digital asset servicing solutions for our clients as the regulatory landscape develops. 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.”