Puremarkets Ltd, a UK-based business trading as Pure Digital, has entered into an agreement with State Street to deploy Currenex, State Street’s FX trading technology, as the infrastructure for Pure Digital’s new wholesale digital currency trading platform. Additionally, Pure Digital and State Street intend to further explore opportunities in the digital currency trading space.
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. Trading is expected to start by the middle of 2021. Pure Digital will be multi-custodial, with trading participants free to leverage their preferred digital asset custody solutions and manage risk through a smart custody routing mechanism. Buy-side firms 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 minimise technology costs for participants.