Anticipated Bitcoin Spot ETF Approval, Wall Street Launches Crypto Lending Platform Tokenet

Decrypting EDX Markets! The disruptive weapon of the new trend on Wall Street? Is the CEO of EDX a former senior employee of Citadel?

Expected Bitcoin Spot ETF Approval, New Lending Platform Tokenet Launched

According to Bloomberg, Digital Prime Technologies has introduced a new encrypted lending platform called "Tokenet", which will allow institutions to engage in encrypted asset lending. Partners include:

• Crypto-friendly bank Xapo Bank

• EDX's clearing platform EDX Clearing

• Global institutional credit network Hidden Road Partners

Digital Prime hopes that once the Bitcoin spot ETF is approved, the platform will be able to provide services to relevant operators.

Why Do ETF Issuers Have Lending Needs?

James Runnels, CEO of Digital Prime, explains:

If issuers need to buy the spot reserves of ETFs but anticipate that the current Bitcoin is only a short-term rebound, they may be inclined to borrow Bitcoin and buy it back when the price drops later.

Tokenet Aims to Replace Genesis, Celsius

James Runnels claims that this is like a rebirth of encrypted lending platforms, filling the void left by bankrupt lending platforms such as Genesis, Celsius, and BlockFi.

Wall Street Executives Lead, Obtaining SEC License

Reports indicate that executives at Digital Prime have previously worked at traditional financial institutions such as Cantor Fitzgerald and Cantor Prime Services.

Meanwhile, Digital Prime's subsidiary DLCC Prime obtained membership status from the Financial Industry Regulatory Authority last year and is registered with the SEC as a broker-dealer.

When EDX announced its launch in June of this year, it was seen as Wall Street finally taking over the business of encrypted exchanges, but so far, there is no visible progress.