Pure Digital Partners with State Street's Currenex for Trading Infrastructure Deployment

​Pure Digital​, an interbank marketplace for cryptocurrency price discovery and exchange of wholesale risk, announced that it has partnered with State Street's Currenex, a market-leading technology provider offering high-performance trading technology, to provide the trading infrastructure for Pure Digital's new and unique wholesale digital currency trading platform. 

With this partnership, Pure Digital will be a fully automated, high throughput OTC market for digital assets and cryptocurrencies with physical delivery and bank custody. Institutional participants will trade on the platform utilising bilateral credit enabling efficient capital utilisation and control for all trading participants. This will establish a robust market for price discovery and exchange of risk. Trading is expected to commence middle of 2021.

Pure Digital will be multi-custodial. Trading participants will be free to leverage their preferred digital asset custody solutions and manage risk through a smart custody routing mechanism.

The buy side will be able to participate in the Pure Digital platform through their existing Prime Bank / Custodial relationships and infrastructure. The platform will adopt FX-industry standard APIs and best execution to minimize technology cost for participants.

"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," said 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," said Lauren Kiley, CEO of Pure Digital.

David Newns, Global Head of Execution Services for GlobalLink at State Street Global Markets, said: "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."