Bloomberg: Lloyds Bank and Aberdeen Investments team up with Archax to launch foreign exchange trading partnership

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On July 14, according to Bloomberg, Lloyds Banking Group Plc and Aberdeen Investments have established a partnership with the cryptocurrency trading platform Archax, aiming to reduce transaction department costs by using digital assets as collateral for foreign exchange contract trading.

This collaboration enables Aberdeen and Lloyds to conduct foreign exchange transactions through blockchain technology, which allows real-world assets to be tokenized and used as collateral. Under this plan, digital tokens backed by UK government bonds and share units of Aberdeen Investments' money market funds have been issued, transferred, and custodied by Archax, which is headquartered in the UK.

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