BNY Mellon Follows State Street in Backing New Crypto Trading Platform: Report

BNY Mellon has backed new crypto trading platform called Pure Digital, following in the footsteps of fellow U.S. banking giant State Street, the Financial Times (FT) reported Wednesday.

• The New York-based lender will join a group that is backing the new bank-grade trading platform that's set to go live in the coming days.
• State Street said in April it was providing the infrastructure for Pure Digital.
• Both the banks have voiced their intentions to eventually start using the platform for trading, the FT said.
• BNY Mellon and State Street join four other unidentified firms in backing the new platform, and trading will begin with a bitcoin trade "within a week," according to Pure Digital co-founder Campbell Adams, the FT's report said.
• BNY Mellon and State Street have both announced the formation of crypto custody divisions this year. BNY Mellon made the announcement in February, and State Street in June.