State Street, one of the oldest banks in the USA, establishes a cryptocurrency trading platform

State Street, the second oldest bank in the USA with a history of 229 years, started working to establish a bank-level cryptocurrency trading platform in the second quarter of this year. State Street is the 14th largest bank in the USA with $ 3.1 trillion in assets.

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According to the statement made by Currenex, the technology arm of State Street, infrastructure work has started for the establishment of the cryptocurrency trading platform. State Street is working with Pure Digital, a London-based company, to set up the platform. Pure Digital is known as the infrastructure provider of the currency trading world. According to the statements made by the two companies, they stated that the trading platform is aimed to start from the 2nd quarter of this year.

Nowadays, institutional and individual investors invest in the cryptocurrency market. In addition, corporate companies add cryptocurrency options to their payment systems. It would be a mistake for banks to ignore these investors and institutions. That's why experienced banks are working to join the cryptocurrency industry.

Banks such as BNY Mellon, Goldman Sachs and Morgan Stanley have made significant moves in the digital currency field recently. What will be the attitude of other banks in the cryptocurrency market is a matter of curiosity. The cryptocurrency market is growing day by day and banks and institutions have to meet their demands in order not to lose customers, otherwise they will lose customers. Aware of this, State Street started its efforts to establish a trading platform in the middle of this year to meet the demands of its customers.

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