Pure Digital: Discussions and follow-up

[Husires]

BNY Mellon announced it will back the launch of a new London-based cryptocurrency exchange called Pure Digital.
Pure Digital’s Chief Executive Officer Lauren Kiley remarked it is the increasing public interest around Bitcoin that is driving banks into the asset class.

“We have spoken to all the top-tier banks but we think custody banks were some of the first to see demand, so they are now more advanced,” she told Financial Times.
Global Head of Foreign Exchange at BNY Mellon Jason Vitale also commented on the future of Bitcoin at BNY Mellon: “Digital assets are only going to become more embedded in global markets in the years ahead and this collaboration accords with BNY Mellon’s wider strategy to develop a digital asset capability for clients across the entire trade life cycle.”

The first trade is scheduled to take place "within a week."


More and source https://bitcoinmagazine.com/markets/bny-mellon-bitcoin-exchange-trade-banks

[Darker45]

I hope this will push through amidst tightening cryptocurrency regulations in the UK. Just last month, it was reported that 64 cryptocurrency-related businesses have already withdrawn their applications from the Financial Conduct Authority (FCA).^[1] This means they are not anymore interested to operate a crypto business in the UK and offer cryptocurrency-related products and services because of the country's strict crypto regulations.

With the backing of respected names in the banking sector, we will see whether Pure Digital will make it.

[1] https://www.businessinsider.in/cryptocurrency/news/over-60-crypto-companies-have-withdrawn-their-application-to-do-business-in-the-uk-as-the-country-tightens-regulation/articleshow/83961922.cms

[SFR10]

Am I correct in assuming that this is worse than the traditional centralized exchanges ^{[I do know it's a different type of exchange and their clients are different as well]}?
^{- At first, it seemed great but after reading on their website about how they describe themselves, I don't think it's that great [especially in regards to having any type of control]:}

Pure Digital is an interbank marketplace for cryptocurrency price discovery and exchange of wholesale risk. Pure Digital will provide a best-in-class primary institutional market; with a consortium of banks as liquidity providers, custodians, clearers.

[Husires]

With the backing of respected names in the banking sector, we will see whether Pure Digital will make it.

Governments are bad in terms of privacy but I stand with them here, how do you expect me to leave platforms without registration or official headquarters to obtain citizens' data and control the market?

More people want cryptocurrencies and therefore official intervention is required.

Am I correct in assuming that this is worse than the traditional centralized exchanges ^{[I do know it's a different type of exchange and their clients are different as well]}?

There is nothing worse than the current centralized platforms, they are not subject to regulation and yet they ask for data from users, no one knows what to do with them or how to get rid of them.

A lot of manipulation happens, scams, exorbitant fees, absence of technical support with no risk tolerance and the possibility of stealing money on the pretext that the platform has been hacked.

If we want central platforms, it should be organized and everyone monitors them while bearing part of the risks, and this role is very successful for banks.
In turn, it will revive the decentralized platform market, which will look better than its current state.