Despite the fluctuation of Bitcoin and its decline from all-time highs, institutional interest continues, as demand from institutions for cryptocurrencies remains at the same pace.

Recently, Wall Street giant BNY Mellon announced its support for London-based cryptocurrency exchange Pure Digital, which provides trading and custodial solutions.

State Street, one of the largest US-based financial services and holding companies, was the first to announce its support for the Pure Digital trading platform.

BNY Mellon will join a “board” of six banks already working on this project, according to a report. financial times.

BNY is a renowned custodian who protects the assets of some of the world’s largest asset managers.

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Now, these banks are seeing a growing interest from customers in trading and storing cryptocurrencies.

Speaking to the aforementioned source, Lauren Kelly, CEO of Pure Digital, stated:

We’ve talked to all the Tier 1 banks, but we think Custody banks were among the first to see significant demand, so now they’re more advanced.

BNY Mellon is also keen to explore new digital asset service solutions especially as the regulatory landscape evolves.

Jason Vitale, Global Head of Foreign Exchange at BNY Mellon said:

Cryptocurrencies will become more established in global markets in the coming years, and this latest collaboration aligns with BNY Mellon’s broader strategy to develop the capacity of clients’ digital assets across the entire trading lifecycle.

Cryptocurrency betting:

Conventional banking institutions have long been critical of crypto products and solutions.

As portfolio banks have been kept away from dealing with risky and volatile assets.

However, the increasing demand for cryptocurrencies among the active institutions has forced them to join the game or be left behind.

Earlier in February 2021, banking giant BNY Mellon announced a new digital platform that will offer bitcoin custody solutions.

Read:The second largest bank in Singapore plans to enter the cryptocurrency market

BNY Mellon’s partnership with Pure Digital shows that BNY Mellon is actively seeking to expand its services by offering cryptocurrency trading and custody for institutional clients.

Campbell Adams, co-founder of Pure Digital, said:

The first trade on the platform will take place in a week.

This makes Pure Digital the first cryptocurrency exchange backed by traditional giants.

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