PANews reported on July 14 that according to Bloomberg, Lloyds Banking Group Plc and Aberdeen Investments have reached a collaboration with crypto exchange Archax, aiming to allow digital assets to be used as collateral for foreign exchange contracts, thereby reducing trading department costs.
According to a statement released on Monday, this collaboration enables Aberdeen Investments and Lloyds Bank to conduct foreign exchange transactions using blockchain technology, which supports tokenizing real-world assets and using them 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, a UK-based platform.
