Puremarkets Launches Digital Asset Trading Platform

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Puremarkets Launches Digital Asset Trading Platform

CFO Tech Outlook | Thursday, May 06, 2021

Puremarkets has signed an agreement with State Street's Currenex to offer the trading infrastructure as a technology provider for Pure Digital's latest and exclusive digital currency trading platform.

FREMONT, CA: Puremarkets Ltd, doing business as Pure Digital, has signed an agreement with State Street's Currenex, a market-leading technology company that specializes in high-performance trading technology, to offer the trading infrastructure as technology provider for Pure Digital's latest and exclusive wholesale digital currency trading platform. Pure Digital and State Street both plan to explore the digital currency trading space further.

Pure Digital will be a completely automated, high-throughput over-the-counter (OTC) market for digital assets and cryptocurrencies, with physical delivery and bank custody. Institutional traders can use bilateral credit to transact on the platform, allowing for effective capital utilization and control for every trading participant. This would provide a stable market for price discovery and risk exchange.

Pure Digital would have several custodial locations. Trading participants will be able to use their chosen digital asset custody solutions while also managing risk with the help of a smart custody routing mechanism.

The buy-side will be able to use their current Prime Bank or Custodial relationships and infrastructure to participate in the Pure Digital platform. To reduce technology costs for participants, the platform will use FX industry-standard APIs and best execution.

"Pure Digital is pleased to explore the digital asset space with State Street as we share the same vision for the future of the digital currency market," says Campbell Adams, Founder of Pure Digital.

"We are excited to partner with Currenex, an industry leader in FX, on this initiative; as we work to transpose FX infrastructure to the crypto space via a bank-led consortium." Says Lauren Kiley, CEO of Pure Digital.

"Currenex is thrilled to leverage our experience and expertise in the FX and digital asset trading marketplace to provide Pure Digital with robust technology and infrastructure for this exciting digital currency trading initiative." According to David Newns, Global Head of Execution Services for GlobalLink, State Street Global Markets.

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