Digital Asset OTC Broker Digital RFQ Selects Koine for Custody Following First Commodity based Token

Digital asset OTC broker, Digital RFQ (DRFQ) has selected Koine to act as custodian for its first commodity financing token, PGX.

PGX, or PhiGold token, was launched in partnership with Atom Asset Exchange (AAX). The digital asset is a commodity financing token based on gold mining. This is the first commodity financing token listed on AAX. Others are expected to follow from DRFQ. As demand for gold has increased during the COVID-19 pandemic, DRFQ sees opportunity as the PGX token allows both institutional and retail investors to directly engage with a traditional asset class through the new blockchain-based digital medium.

Koine was chosen for its security as it utilizes a model that replaces the cold store and hot wallet model that exposes private keys and leads to poor operational scalability. In March, DRFQ was approved by the UK Financial Conduct Authority (FCA) as an electronic money dealing (EMD) agent.

Koine seeks to deliver an institutionally compliant post-trade solution in a manner that resolves counterparty and credit risks within a regulated governance framework.

Hugh Hughes, Chairman and CEO at Koine, said his company 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,” said Hughes.

Mike Greenacre, co-founder at Digital RFQ, called Koine the obvious choice to custody our first digital asset offering, PGX.

This project is said to be 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.


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