BNY Mellon is reportedly joining a crypto consortium that includes State Street and several other banks, in yet a sign of more institutional participation in the emerging digital asset class.
BNY Mellon joins a consortium of six unnamed banks and fellow custody bank State Street to back London-based cryptocurrency trading platform Pure Digital, according to a «Financial Times» report.
The inclusion of two of the world’s largest custodian banks – State Street joined the consortium three months ago – suggests that direct demand from their clients, many of which are major asset managers.
«We have spoken to all the top-tier banks but we think custody banks were some of the first to see demand, so they are now more advanced,» said Pure Digital chief executive Lauren Kiley.
Possible Offerings
According to BNY Mellon, the firm is considering what solutions to offer its clients be it cash trading or technology services.
«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,” said the firm's global head of foreign exchange Jason Vitale.
