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Wednesday, February 21, 2024

Corporation Valued At $ 3 Trillion Enters The Crypto Ecosystem

Corporation valued at $ 3 trillion enters the crypto ecosystem. State Street, the US-based financial giant is aiming to enter the crypto trading market in the middle of this year.

State Street , a $ 3 trillion corporation and the second oldest bank in the United States, announced that it plans to enter the crypto market through its Currenex trading platform.

In a partnership with Puremarkets Ltd -Pure Digital-, Currenex will develop a wholesale and multi-custodial digital currency trading platform. According to the company, the idea is to create a fully automated and high-yielding OTC market for digital assets and cryptocurrencies with bank custody.

The firm added that institutional participants will trade on the platform using bilateral credit, which will allow efficient capital utilization and control for all trading participants.

For its part, Arcane Crypto Norwegian company that controls 37.5% of Puremarkets Ltd, commented that the Pure Digital trading platform will be the first of its kind, and will offer a wholesale interbank market for Tier 1 investment banks to exchange. bitcoins and other digital assets.

State Street Corporation , headquartered in Boston with operations around the world, is the second oldest continuously operating bank in the United States, after the Bank of New York Mellon , and is ranked 14th on the list of the largest banks in the United States. the United States by assets.

It is one of the largest asset management companies in the world, with $ 3.1 trillion under management and $ 38.8 trillion in custody and administration. Due to these characteristics, its entry into the crypto market constitutes a great support to the ecosystem and could be the kick that starts more participations of this type.

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