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Digital RFQ selects Koine to deliver institutional-grade custody
Monday 4th May 2020
Digital RFQ selects Koine to deliver institutional-grade custody for its first digital asset offering
London, United Kingdom – Monday 4th May 2020 – 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
Digital RFQ Announces Launch of First Commodity Financing Token PGX
Tuesday 31st March 2020
Digital RFQ Announces Launch of First Commodity Financing Token PGX
In Partnership with Atom Asset Exchange (AAX)
London, United Kingdom – Tuesday 31st March 2020 – London-based digital asset OTC broker, Digital RFQ (DRFQ) announced today that it has launched the first commodity financing token, PGX, in partnership with Atom Asset Exchange (AAX)
DRFQ has worked with the team of a gold mining company, PhiGold, to structure, deliver and launch the PhiGold token (PGX). The token provides a real-world example of how blockchain technology can be leveraged to disrupt a well-established industry and provide the disintermediation the industry expected from the start. PGX provides an avenue for both institutional and retail investors to directly engage in an area of investment from which they may otherwise have been excluded.
Utilising this previously excluded liquidity, DRFQ can both provide finance to a mine, and syndicate the financing with liquidity to a diverse group of investors via the issuance of digital tokens.
PhiGold is placing 15,400 OZ to fund the tokens for sale at USD$10 each, raising $15,400,000. With the money raised from the token sale, PhiGold funds its mining operations at the PhiGold Barobo gold mine in the Philippines, which a recent JORC compliant report (the industry’s standard) confirms to hold approximately 272,000 ounces of gold.
The gold extracted from the mine is then refined and sold to the Central Bank of The Philippines with 50% of the sale proceeds allocated to purchase London Bullion Market Association (LBMA) GLD 995 purity gold bullion that is held by an independent Trust in London.
“LBMA gold at the time of writing is trading at over $1600/oz. With the effective price of gold for sale via the token at $1000/oz. That’s an attractive yield curve that even the IB’s would like to achieve, but smaller operations, like PhiGold, do not have the scale or demographics to fit an IB model, in a sector where there are many mines looking for similar project funding,” said DRFQ Co-Founder Mike Greenacre. “Through Digital RFQ, PhiGold is able to disintermediate the IB middlemen, and raise the capital needed to fund its mining operations directly from investors, more economically and with greater flexibility”.
As well as providing secondary and settlement FIAT gateways via its FCA EMD license, Digital RFQ has partnered with AAX Exchange in Hong Kong to provide the secondary trading of the PGX token, meaning investors can enter or exit at any point during the streaming’s lifecycle. Unlike many token sales, trades are against FIAT currencies, saving investors any risk of managing Bitcoin’s volatility.
This will be the first commodity financing token listed on AAX. The next generation digital asset exchange was conceived and built in anticipation of a maturing digital assets market and increased participation from institutional market participants in finance.
“We’re excited to be listing PhiGold as it offers a new way to engage a traditional asset class. With AAX, we’re always looking to innovate and explore different ways in which we can create bridges between crypto and global finance. Working with Digital RFQ and PhiGold presents such an opportunity and is part of a larger plan to enable our growing community of crypto traders to tap into traditional asset classes, and for more institutional clients to gain exposure to crypto,” said Michael Wong, COO at AAX.
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 streaming projects in development. Sign up for updates on all these projects at digitalrfq.com.
Full details of the PGX Token and due diligence of the mine business, geological reports, costings and team can be found on the company website, PPM and White Paper at phigold.com
Digital RFQ Acquires FCA EMD Licence, Launches Best-in-Class Digital Asset OTC Trading Platform for Professionals with OSL Custody and iRFQ SaaS
London, United Kingdom – Tuesday 24th March 2020 – UK-based digital asset trading platform, Digital RFQ (DRFQ) announced that it has been granted approval from the Financial Conduct Authority (FCA) as an electronic money dealing (EMD) agent to coincide with the launch of its over-the-counter trading solution for professional traders, supported by OSL’s intelligent Request- for-Quote (iRFQ) software-as-a-service (SaaS) technology and digital asset custody solution.
DRFQ is now fully licensed by the Financial Conduct Authority to issue electronic money (e-money) and provide fully regulated payment services. DRFQ works within a very tight set of constraints to ensure compliance for all stakeholders and has all the appropriate controls in place for their financial services activities.
With the OTC platform launch, DigitalRFQ offers Sterling, Euro and US dollar FIAT gateways to facilitate “single-click” trading
in the top five cryptocurrencies, Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC) and Ripple (XRP),
significantly reducing forex costs and deposit-to-trade execution times.
“DRFQ provides institutional grade KYC and KYB, market-leading fiat transfer and handling times, high- trade execution, multiple
secure custody options, and exceptional customer service,” said DRFQ CEO Mike Greenacre. “As digital assets continue to be
widely adopted, we believe that the best guarantee of acceptance and longevity will be transparency, governance and oversight,
and this is what DigitalRFQ provides, underpinned by performance, security, integrity and the right partnerships.”
OSL’s iRFQ SaaS technology enables seamless buying, selling and instant settlement of digital assets in either single token, or
DigitalRFQ also leverages OSL Custody to store digital assets. This includes insured wallets, protected in best-in-class military-
grade security measures, multi-layer security protocols and air-gapped cold storage. Digital asset deposits with Digital RFQ are
insured against loss, private key damage, destruction or theft by a panel of London based underwriters rated A or higher by S&P.
“We’re thrilled to be Digital RFQ’s SaaS technology and custody partner,” said OSL CEO Wayne Trench. “These solutions will
assist the company to deliver value to its clients and enable the highest quality of service to the rapidly growing digital asset sector
in the UK.”
DigitalRFQ accepts individual trades of up to 500,000 USD with transparent pricing for the top five trading pairs against USD,
EUR and GBP on the platform at launch.