Lloyds Bank, Aberdeen Investments partner with crypto exchange Archax to allow digital assets as collateral for FX contracts

PANews reported on July 14 that according to Bloomberg, Lloyds Banking Group Plc and fund management company Aberdeen Investments have reached a cooperation with the crypto exchange Archax to allow the use of digital assets to provide collateral for foreign exchange contracts, thereby reducing the costs of the trading department.

According to a statement released on Monday, the partnership enables Aberdeen Investments and Lloyds Bank to conduct foreign exchange transactions using blockchain technology, which allows real-world assets to be tokenized and used as collateral. Under the plan, digital tokens backed by UK government bonds and Aberdeen Investments money market fund shares have been issued, transferred and held by Archax in the UK.