Lloyds, Aberdeen Tie Up With Crypto Bourse Archax for FX Trading

Lloyds Banking Group Plc and fund manager Aberdeen Investments have partnered with crypto exchange Archax to enable foreign-exchange contracts to be collateralized using digital assets, in a bid to drive down costs for trading rooms.

The tie-up allows FX trades between Aberdeen and Lloyds using blockchain technology, which enables tokenized real world assets to be used as collateral. Under the initiative, digital tokens, backed by UK gilts as well as units of Aberdeen Investment’s money market fund, have been issued, transferred, and held by UK-based Archax, according to a statement on Monday.