Today ClearToken announced it raised more than $10 million from multiple institutions. They include Nomura’s Laser Digital, Zodia Custody, which is a subsidiary of Standard Chartered’s SC Ventures, Flow Traders, LMAX Digital and GSR. The company aims to become a UK-based central counterparty (CCP) for clearing digital assets trades across multiple venues.
Clearing houses exist in the digital asset market but for single venues. For example, institutional digital asset exchange EDX Markets has a clearing arm. ClearToken wants to provide a horizontal solution. In other words, it wants to support multiple trading venues. Hence, it is applying to the Financial Conduct Authority and the Bank of England for licensing. It hopes to launch a preliminary solution in 12-18 months.
This sort of market infrastructure is another element that makes it easier for institutions to engage with tokenization and cryptocurrencies.
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