PANews reported on July 14 that Lloyds Banking Group Plc has partnered with Aberdeen Investments and the cryptocurrency exchange Archax to allow the use of digital assets as collateral for foreign exchange contracts, thereby reducing costs in the trading sector.
According to a statement released on Monday, this collaboration enables Aberdeen Investments and Lloyds Banking Group to utilize blockchain technology for foreign exchange trading, which supports the tokenization of real-world assets to be used as collateral. Under this scheme, digital tokens backed by UK government bonds and shares of Aberdeen Investments' money market fund have been issued, transferred, and held by Archax, based in the UK.
