Standard Chartered and Northern Trust are the latest large financial firms to join the collection of banks linked to London-based cryptocurrency trading platform Pure Digital.
Pure Digital, an institutional-grade platform for OTC trading and clearing of digital currencies, announced Tuesday that it had conducted a live test trade using the Zodia Custody solution, developed by Northern Trust and Standard Chartered.
At launch, Pure Digital will be multi-custodial, with trading participants free to leverage their preferred digital currency custody solutions and manage risk through a smart custody routing mechanism, the firm said in a press release.
Pure Digital announced earlier this year that it was working with custody giants State Street and BNY Mellon. Adding Standard Chartered and Northern Trust, who plan to use Zodia, takes the number of banks and financial institutions linked to Pure Digital to six, said the platform’s CEO, Lauren Kiley. The other two banks have yet to be identified.
Asked how many custodians the platform will likely link up with, Kiley said via email: “We are custodian agnostic, there is no limit as long as they are bank-grade.”
In terms of timing, she said the platform is hoping to go live in early 2022.