Jellyc, a digital asset investment manager with over $100 million in assets under management, said he will be participating in a program with Crypto Exchange OKX and International Bank Standard Chartered (STAN) to enable cryptocurrency trading while keeping collateral safe.
The Australian company said it would use Franklin Templeton Tokenized Money Market Fund (TMMF) as its preferred transaction collateral. According to a press release shared with Coindesk, the collateral will be held by Standard Chartered.
Jellyc said the initiative will increase capital efficiency, reduce direct exposure to OKX, potentially attract institutional investment, and mitigate the risk of an FTX-style explosion that will destroy billions of dollars in investors’ wealth.
“Franklin Templeton’s natively chained on-chain TMMF will provide real-time, 24/7, airdrop legal certainty as a new token every day,” Jerick CEO Michael Prendyville said in an email. “Marriage to the Franklin TMMF and the standard chartered and OKX tripartite collateral structures will improve safety and soundness to a level similar to traditional finance, making it suitable for purposes in the digital world.”
Prendville said the approach is suitable for the wealth and money management sector, Australian retirement pensions, or pension savings, industry, and for the demand for digital asset trading products to leverage the established banking infrastructure to ensure a secure and adherent capital deployment in the cryptocurrency market.
