World Crypto Global
- Written by: Tareq Sikder
- Mon, 01 Jul 2024
- Israel
Hidden Road, a global credit network for institutionstrading digital assets, announced it has added several exchanges to itsprime brokerage platform. The company also expanded the use of BlackRocksBUIDL token, accepting it as collateral across its network.New Exchanges Join Hidden RoadIn a press release today (Monday), Hidden Road stated thatit is now integrated with Coinbase International Exchange, following a tie-upwith Coinbase Exchange in 2022. Other new integrations include OKX, Deribit,Bitfinex, Bullish, AsiaNext, and SIX Digital Exchange.Michael Higgins, Hidden Road's Global Head of Businessdevelopment, highlighted the significance of using BlackRocks BUIDL token ascollateral. He noted that with current high interest rates, institutionstrading digital assets in large volumes are unlikely to ignore theapproximately 5% virtually risk-free return from holding a BlackRock moneymarket fund token. Higgins pointed out that any non-carry asset faceschallenges when clients can use the BUIDL token as collateral while alsoearning interest.Hidden Road recognizes BlackRock's tokenized fund BUIDL as collateralDigital asset prime broker Hidden Road Partners has expanded its brokerage platform to support major centralized exchanges (CEX) including Coinbase, OKX, Deribit, Bitfinex, Bullish, AsiaNext and SIX digital CoinNess Global (@CoinnessGL) July 1, 2024Broadening Platform IntegrationDue to its existing partnership with the Chicago MercantileExchange (CME), Hidden Road can also cross margin and margin finance digitalasset tokens such as BUIDL on the CME, Higgins added.In addition to the new exchanges, liquidity providers B2C2,IMC, and Laser Digital, along with software vendors Talos and TT, have alsojoined Hidden Roads platform.Previously, a client could only post bitcoin as collateraland Hidden Road would provide margin financing to trade on the CME. But ofcourse the bitcoin didn't earn interest. Now they can still do that, but theycould also post BUIDL as collateral and we'll fund them dollars on the CME. Thedifference is that with BUIDL, they earn interest, Higgins said. As far as weknow, we are the only clearing firm that allows customers to post digitalassets as margin to trade on the CME.This article was written by Tareq Sikder at www.financemagnates.com.
