JellyC, a digital asset investment manager with over $100 million in assets under management, announced its participation in a program with crypto exchange OKX and international bank Standard Chartered (STAN) that enables it to trade cryptocurrencies while keeping its collateral secure off-platform.
The Australian company stated that it will utilize a tokenized money market fund (TMMF) as its preferred trading collateral, which will be held by Standard Chartered, according to a press release shared with RialCenter.
JellyC mentioned that this initiative will improve its capital efficiency and reduce its direct exposure to OKX, potentially attracting institutional investments and minimizing the risk of significant market downturns similar to the FTX collapse that impacted billions in investor wealth.
“Franklin Templeton’s natively minted on-chain TMMF provides legal certainty of fund ownership in real-time, 24/7/365, with daily airdrops of new tokens,” said JellyC CEO Michael Prendiville in the email. “Combining the Franklin TMMF with the Standard Chartered and OKX tripartite collateral structure elevates safety and soundness to a level akin to traditional finance, making this fit for purpose in a digital world.”
Prendiville added that this approach is appropriate for the wealth and funds management sector, as well as Australia’s superannuation (pensions savings) industry, addressing the demand for digital asset trading products that leverage established banking infrastructure to ensure secure and compliant capital deployment in the cryptocurrency market.
Leave a Reply