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cointelegraph.com Standard Chartered and OKX pilot crypto, tokenized fund collaterals

Standard Chartered and cryptocurrency exchange OKX are piloting a new program allowing institutions to use crypto assets and tokenized money market funds (MMFs) as collateral.Announced on April 10, the collateral mirroring program enables off-exchange collateral usage while enhancing security by placing custody with a globally systemically important bank, according to a joint statement from the companies.The pilot has been launched under the regulatory oversight of the Dubai Virtual Asset Regulatory Authority, with Standard Chartered acting as a regulated custodian in the Dubai International Financial Centre (DIFC).The program launched in collaboration with crypto-friendly asset manager Franklin Templeton and features Brevan Howard Digital among the first institutions to trial the new capability.OKX clients to gain access to assets by Franklin TempletonAs part of the collaboration, OKX clients will have access to onchain assets developed by Franklin Templeton’s digital assets team.“We take an authentic approach, from directly investing in blockchain assets to developing innovative solutions with our in-house team,” Franklin Templeton’s head of digital assets, Roger Bayston, said, adding:“By ensuring assets are minted onchain, we enable true ownership, allowing them to move and settle at blockchain speed — eliminating the need for traditional infrastructure.”According to the announcement, Franklin Templeton will be one of the first in a “series of MMFs” that are expected to be offered under the program by Standard Chartered and OKX.Standard Chartered backs tokenized fundsIn the crypto lending industry, collateral is any blockchain-based asset used to secure loans from a lender as a security measure when taking out a loan. By allowing borrowers to pledge those assets, the lender guarantees that the loan is going to be repaid.Despite the high volatility of digital assets, Standard Chartered’s Margaret Harwood-Jones, global head of financing and securities services, is bullish on crypto collaterals as a major step in the evolution of institutional crypto services.A visual of the crypto lending process with collaterals and deposits. Source: CoinRabbitRelated: Xapo Bank launches Bitcoin-backed USD loans targeting hodlers“Our collaboration with OKX to enable the use of cryptocurrencies and tokenized MMFs as collateral represents a significant step forward in providing institutional clients with the confidence and efficiency they need,” Harwood-Jones said, adding:“By leveraging our established custody infrastructure, we are ensuring the highest standards of security and regulatory compliance, fostering greater trust in the digital asset ecosystem."According to Ryan Taylor, group head of compliance at Brevan Howard, the program is another example of the ongoing innovation and institutionalization in the crypto industry.“As a significant investor in the digital assets space, we are thrilled to partner with industry leaders to further grow and evolve the crypto ecosystem globally,” he noted.Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research

news.bitcoin.com Senate Passes Historic Crypto Bill: Sacks Hails Dollar Dominance, Bessent Sees $3.7T Boom

With Senate approval of the GENIUS Act, praised by White House Crypto Czar David Sacks and Treasury Secretary Scott Bessent, stablecoins could unlock trillion-dollar markets and position the U.S. for dominant leadership in digital finance. Senate Clears First Major Crypto Bill: ‘A Truly Historic Moment’ The U.S. Senate has approved the bipartisan Guiding and Establishing […]

news.bitcoin.com XRP ETFs Set to Trigger Wave of Capital as Canada Opens the Crypto Gates

Two XRP ETFs are storming the Toronto Stock Exchange, signaling a powerful leap for crypto in traditional finance as investor access and market momentum skyrocket. XRP ETFs Coming to TSX—Two Issuers, One Date, Massive Market Shift Ahead Evolve Funds Group Inc., a Canadian firm managing $7 billion in assets, announced on June 16 that it […]

bitcoinist.com France Taps Bitcoin Mining To Harness €80 Million In Excess Renewable Energy

France faces a familiar problem: it often makes more electricity than it can sell. According to energy researcher Raphaël Bloch, the country wasted about € 80 million worth of power in 2024. Now, a group of lawmakers wants to put that extra juice to work. They’ve filed Amendment No. 547 with the National Assembly to fold Bitcoin […]

bitcoinist.com Texas Bitcoin Reserve Law Triggers Sunday—Silence Means Yes

Texas is now within a single, silent procedural heartbeat of creating the nation’s largest government-run stash of bitcoin. Senate Bill 21, the Texas Strategic Bitcoin Reserve and Investment Act, was dispatched to Gov. Greg Abbott on June 1 after clearing both chambers by wide margins. Texas Bitcoin Reserve Set To Become Law Under Article IV, […]