Bloomberg: Lloyd's Bank Partners with Aberdeen Investment Company and Archax for Forex Trading Cooperation

BlockBeats News, July 14th, according to Bloomberg, Lloyds Banking Group Plc and Aberdeen Investments, a fund management company, have partnered with the cryptocurrency exchange Archax to facilitate foreign exchange contract trading by using digital assets as collateral, aiming to reduce the costs of the trading sector.

This partnership enables Aberdeen and Lloyds to conduct foreign exchange transactions using blockchain technology, which allows the tokenization of real-world assets for use as collateral. Under this initiative, UK government bond-supported digital tokens and Aberdeen Investment's money market fund share units have been issued, transferred, and custodied by the UK-based Archax.