Pure Digital Conducts First Live Test Trade Via Zodia Custody
Puremarket Ltd, with trading name Pure Digital, today announces the successful execution of a live test trade on its wholesale digital currency trading platform.
Pure Digital is a fully automated, high throughput OTC marketplace for digital currencies with physical delivery routed to bank-grade custodians. Institutional participants will trade on the platform utilising bilateral credit, enabling counterparty control for all trading participants, and creating a significant increase in capital efficiency. This will establish a robust market for price discovery and exchange of risk.
Pure Digital conducted a live test trade, leveraging Zodia's solution for custody and post trade settlement. Pure Digital and Zodia Custody signed a Memorandum of Understanding last year with the intention of working together, with Zodia to provide bank-grade crypto custody services to Pure Digital. At launch, Pure Digital will be multu-custodial, with trading participants free to leverage their preferred digital currency custody solutions and manage risk through a smart custody routing mechanism.
Wholesale participants will be able to trade, subject to regulatory approval, on Pure Digital through their existing Prime Bank and Custodial relationships using next generation pre- and post trade infrastructure provided by market leaders and innovators like Zodia Custody. The platform will deploy State Street's Currenex trading technology to deliver industry standard infrastructure and best execution to minimize technology cost for bank participants.
"Executing a live test trade via wholesale trading and custodial infrastrucutre is an important step forward and we welcome Zodia as a key partner of Pure Digital" says Campbell Adams, Founder of Pure Digital Markets. Lauren Kiley, CEO of Pure, says "We are very excited to have a live test trade on the platform as we are bringing to the market exactly what it has been missing- an interbank wholesale marketplace which is transparent, efficient, and bank-grade"
Maxime De-Guillebon, CEO, Zodia "Collaboration between custodian and marketplaces key in developing a sophisticated cryptoasset market that meets insutitional requirements and standards. Through Zodia's partnerships with trading venues like Pure Digital we are able to build an ecosystem that satisfies institutional investors' need for segregation of duties and asset safety within bank-grade custodial infrastructure"