PANews reported on April 10 that according to official news, today, Standard Chartered Bank and OKX, a digital currency exchange and on-chain technology company, jointly announced the launch of the global pledge asset mirror project. The project accepts institutional clients to use digital currencies and tokenized money market funds as over-the-counter pledge assets, and a major global systemically important bank (G-SIB) is responsible for the custody of pledge assets, which significantly improves the fund security and capital efficiency of institutional clients.
The collateral mirroring project has been piloted under the regulatory framework of the Dubai Virtual Asset Regulatory Authority (VARA). The project can significantly reduce counterparty risk, a key pain point in the current digital asset market, and provide more effective protection for users. Standard Chartered Bank, as an independent custodian within the Dubai International Financial Center (DIFC), is regulated by the Dubai Financial Services Authority (DFSA) and is responsible for the safe storage of pledged assets. OKX manages pledged assets and executes transactions through its VARA licensed entity. Franklin Templeton will be one of the first money market funds launched in this joint project between OKX and Standard Chartered Bank. Brevan Howard Digital, a subsidiary of alternative investment management company Brevan Howard focusing on digital currencies and digital assets, is one of the first institutions to join this innovative project, highlighting the importance of such services jointly provided by leading international cross-border banks and top global exchanges.
