On Friday, Dutch bank ING announced it has invested in the securities lending platform HQLAX. In November, the startup launched its collateral management solution built in conjunction with the Deutsche Börse, which to date, was the startup’s principal outside investor.
The first post production transactions in November were between Credit Suisse, UBS and Commerzbank.
HQLAX originally started as an incubator project at enterprise blockchain firm R3, and the initial prototype was done as an R3 Lab with five banks. One of the banks was ING and their team developed much of the prototype’s code. Following on from that was a live pilot in 2018 with ING and Credit Suisse, all prior to the collaboration with Deutsche Börse.
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