London-based digital asset OTC broker, Digital RFQ (DRFQ) announced this week that it has chosen Koine to act as custodian for their first commodity financing token, PGX, launched earlier this month in partnership with Atom Asset Exchange (AAX).
Koine was chosen for its ultra-secure Digital Airlock Ⓡ solution – a unique model which replaces the cold store and hot wallet model that exposes private keys and leads to poor operational scalability. Its role as custodian for Digital RFQ further signals the arrival of institutional-grade market infrastructure and opens the way for the participation of institutional capital in digital asset trading.
As an independent provider of settlement and segregated custody services for digital assets, plus settlement for digital assets versus fiat money, Koine delivers a institutionally compliant post trade solution in a manner that resolves counterparty and credit risks within a regulated governance framework. Koine does this with its exceptional service model, which dematerialises blockchain-based bearer assets and through its proprietary security model, which provides both improved security and operational scalability.
Gold demand has been particularly strong in 2020 as it represents a “flight to safety” asset. The PGX token allows both institutional and retail investors to directly engage with a traditional asset class through the new blockchain based digital medium.
Hugh Hughes, Chairman and CEO at Koine, said: “Koine delivers an institutional-grade solution for custody and settlement which is highly attractive to market participants looking to invest in digital assets in a regulated environment. Every partnership we make is for the benefit of institutional investors. As we make more partnerships like the one we have made with Digital RFQ, we’re continuing to build and deliver the infrastructure and vision that industry participants need to protect and leverage their digital assets. As a leading custodian of digital assets, we look forward to delivering on our promises with Digital RFQ and the PGX token.”
Mike Greenacre at Digital RFQ, said: “Koine was the obvious choice to custody our first digital asset offering, PGX. Their understanding and focus on solutions for institutional investors is exactly aligned to the business we are building at Digital RFQ. We are looking forward to adding more and more digital asset offerings onto Koine’s world class custody solution as we launch them.”
This project is the first in a series of tokens in the DRFQ pipeline. The team has a strong metals/commodities trading and broking expertise, and has a UK-based Securities token project launching on the new Archax London-based MTF exchange in the summer, as well as more Gold 3-6 month duration financing projects in development. Sign up for updates on all these projects at digitalrfq.com.