Following the collapse of FTX, institutions (and others) are wary of cryptocurrency exchanges holding their assets. Hence, last year OKX selected Standard Chartered for institutional digital asset custody. Now it has launched a “mirrored collateral” offering, with assets held in custody by Standard Chartered used as collateral for trading on the OKX exchange. Brevan Howard is one of the first institutions to take part.
The collateral is a mix of cryptocurrencies and tokenized assets, starting with Franklin Templeton’s tokenized money market fund.
At this stage, the collateral mirroring is being conducted as a pilot under the supervision of the Dubai Virtual Asset Regulatory Authority’s (VARA).
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