State Street Lends Tech to Institutional Crypto Trading Platform

The company, which has $3.1 trillion assets under management and $38.8 trillion in assets under custody, is lending its foreign exchange technology to a startup called Pure Digital

article-image

Source: Shutterstock

share

key takeaways

  • State Street has $3.1 trillion assets under management and $38.8 trillion in assets under custody
  • State Street is lending its foreign exchange technology to Pure Digital, an interbank digital currency trading venue that aims to be the go-to crypto trading platform for institutions

State Street, the second oldest US bank and one of the world’s biggest asset managers, is making its initial moves into digital assets.

The company, which has $3.1 trillion assets under management and $38.8 trillion in assets under custody, is providing its multi-asset trading platform technology to a startup called Pure Digital, an interbank digital currency trading venue that aims to be the go-to crypto trading platform for institutions.

Pure Digital plans to offer cash cryptocurrency trading for investors through their existing bank relationships. It is building its product with a consortium of banks that will act as liquidity providers, custodians and clearers, and plans to begin trading in the middle of this year.

State Street does not have the regulatory basis to trade cryptocurrencies itself today but will evaluate Pure Digital as a potential cryptocurrency trading venue when it does, a company spokesman told Blockworks by email.

State Street is the second of the five major global custodian banks – which include BNY Mellon, JPMorgan Chase, Citigroup and BNP Paribas – to introduce a service for digital assets. BNY Mellon said in February that it will move, store, and issue digital assets for customers later this year, using technology from crypto custody startup Fireblocks. Meanwhile, JPM has filed for a cryptocurrency exposure basket.

This story has been updated with comment from State Street.

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates.png

Research

Content Delivery Networks (CDNs) represent low-hanging fruit in a massive market ripe for Web3-driven disruption. The global CDN market was valued at ~$28B in 2024, and is projected to surpass $140B by 2034, (18.75% CAGR) underscoring the immense demand for efficient content delivery.

article-image

Publicly-traded, liquid securities are “low-hanging fruit” for tokenization before moving to private markets, executive says

article-image

The next step in Blockworks’ evolution into a data powerhouse increases customizability and autonomy over their high quality charts and data

by Westie /
article-image

Sponsored

With early interest from an initial cohort of brands including Metaplex, Story Protocol, and Pipe Network, Shelby offers decentralized, cloud-speed storage for streaming, AI, and real-time content

article-image

The $135 million raise shows that TradFi giants are serious about crypto adoption

article-image

The banking system still processes payments like it’s 1975. Crypto might have a fix.

article-image

Fiserv’s launch follows Senate passage of the GENIUS Act for stablecoin regulation.