Standard Chartered Bank and OKX launch pledged asset mirroring project

According to official sources, Standard Chartered Bank, along with digital currency exchange and blockchain technology company OKX, announced today the launch of a global pledged asset mirroring project. This project accepts institutional clients to use digital currency and tokenized currency market funds as collateral assets for over-the-counter transactions, while a major global systemically important bank (G-SIB) is responsible for the custody of the pledged assets, significantly improving the financial security and capital efficiency of institutional clients. The collateral mirroring project has been piloted under the regulatory framework of the Dubai Virtual Asset Regulatory Authority (VARA). The project can significantly reduce counterparty risk, which is a key pain point in the current digital asset market, and provide users with more effective protection. Standard Chartered Bank, as an independent custodian within the Dubai International Financial Centre (DIFC), is regulated by the Dubai Financial Services Authority (DFSA) and is responsible for the secure storage of pledged assets. OKX manages pledged assets and executes transactions through its VARA licensed entity. Franklin Templeton will be one of the first money market funds launched in the joint project between OKX and Standard Chartered Bank. Brevan Howard Digital, a subsidiary of alternative investment management company Brevan Howard that focuses on digital currencies and assets, is one of the first institutions to join this innovative project, highlighting the importance of such services being jointly provided by leading international cross-border banks and top global exchanges.