Puremarkets Limited (“Puremarkets” branded as Pure Digital), a company where Arcane Crypto AB (“Arcane”) holds 37.5% through Arcane Crypto AS, today publicly announced that State Street’s Currenex (“Currenex”) have entered into an agreement to provide the trading infrastructure to the Pure Digital platform.
In addition State Street Bank & Trust Company and Puremarkets intend to explore the digital currency trading space via the Pure Digital platform based on an existing LOI between the parties.
Currenex is a market-leading technology provider offering high-performance technology for anonymous and disclosed trade execution. The agreement with Currenex enables rapid set-up of the Pure Digital platform and trading is expected to commence in 2021.
The Pure Digital trading platform will be the first of its kind, offering a wholesale interbank market for Tier 1 investment banks to trade bitcoin and other digital assets. Pure Digital is in discussions with several other Tier 1 investment banks to use the platform, which will provide a high throughput OTC market for digital assets and cryptocurrencies with physical delivery and bank custody.
“It is an important step for Pure Digital that one of the leading banks in the world is now publicly declaring their support for Pure Digital. We believe this will help Pure Digital accelerate their development. That Currenex will provide the technology platform is also important. Currenex is a company and an infrastructure that most of the leading banks in the world already are familiar with and trust. This could further speed up the process of attracting other Tier 1 banks.
Institutional trading is the final frontier for the institutional adoption of cryptocurrencies and Arcane is excited to be a part of that with Pure Digital. Pure Digital leverages an experienced team from the FX industry across sales, trading and product development and a proven track record, delivering a similar platform for banks trading FX.”
- Torbjørn Bull Jenssen, CEO of Arcane Crypto
Lauren Kiley, the CEO of Pure Digital commented:
“We are very excited to announce State Street’s involvement in this initiative. They are exploring digital asset trading with us and also providing the technology as we prepare to bring the institutional market exactly what it needs.”
- Lauren Kiley, CEO of Pure Digital
Campbell Adams, the Founder of Pure Digital added:
“This is a significant and important step for the digital currency space. Pure Digital has purposefully built an ecosystem on next generation components throughout the full trade cycle with many important developments to come.”
- Campbell Adams, Founder of Pure Digital