Digital Prime Technologies announced an expanded group of ten launch partners for its digital asset lending platform Tokenet, which went live in May. They are Galaxy Digital, Marex, LTP, Flow Traders, Clear Street, EDX Markets, Ripple Prime, QCP, GSR and StoneX Digital. Last year the major securities lending firm EquiLend invested in Digital Prime, followed by Galaxy last month. Notably Galaxy is a top five centralized lender in the digital asset space.
Today the centralized lending sector is dominated by Tether with a 62.25% market share according to Galaxy. By creating a venue where multiple parties can post their borrowing and lending requirements, manage margin and execute loans, the sector can grow and become more diverse. What starts with cryptocurrencies and stablecoins will evolve into tokenized and digital securities. A partner like EquiLend will help attract more traditional finance players.
“Tokenet gives institutions a single, trusted venue to source liquidity and manage digital asset lending with the same rigor they expect from traditional markets,” said Rich Grossi, CEO of EquiLend. “The scale and caliber of these launch partners, representing more than $1 billion in inventory and demand from day one, creates the infrastructure the market has been waiting for to advance their digital asset lending strategies.”
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