State Street, the second largest active US bank, is getting into the cryptocurrency business by agreeing to provide its technology to a new cryptocurrency trading platform.
Currenex, a currency technology provider owned by State Street, has signed an agreement with cryptocurrency firm Puremarkets to provide its trading infrastructure and technology for its new Pure Digital cryptocurrency trading platform. In announcing the news on Thursday, Pure Digital said it would also work with State Street to further explore the digital currency trading sector.
According to the announcement, Pure Digital will be a fully automated OTC marketplace for digital assets and cryptocurrencies with physical delivery and bank storage. The new platform, scheduled to launch in mid-2021, would allow institutional investors to trade two-way credit and custody solutions. Bidders can use their preferred storage solutions for digital assets and manage risk through an intelligent storage routing mechanism, he says.
State Street announced in late March that it has been studying the role of bitcoin (BTC) in multi-asset portfolios for nine years. The argument for bitcoin as an equity hedge has yet to be substantiated, but it could be heading in that direction. The key for investors is to combine their preferences for risk mitigation and growth potential with the expected diversification and return of bitcoin assets to determine their optimal allocation, the bank writes.
State Street has been an active participant in the cryptocurrency industry in recent years. In late 2019, the bank announced a digital asset pilot project with Gemini Trust Company. This pilot project utilized digital asset research and development to integrate the Gemini Power system with State Street’s reporting system.
Earlier this year, Bank of New York Mellon announced its intention to store, transfer and issue bitcoin and other cryptocurrencies as an asset manager on behalf of its clients.
frequently asked questions
What is the best bitcoin trading platform?
Guides The Best Crypto Excuses …
Is bitcoin trading legal in the US?
Key findings. As of February 2020, bitcoin has been legalized in the United States, Japan, the United Kingdom, and most other developed countries. In general, you should look at the bitcoin laws in certain countries. In the US, the IRS has shown more interest in bitcoin and has issued guidelines for taxpayers.
What is the minimum amount to start trading bitcoins?
Currently, the minimum transaction amount is 10 USD to buy bitcoins. If you sell bitcoins, the minimum is 0.001 BTC.
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