- Digital Prime Technologies launched Tokenet, a crypto lending service for institutions.
- Anchorage Digital will provide “segregated, on-chain vaults” for the service.
Digital Prime Technologies has announced the launch of Tokenet, an institutional digital asset lending platform that will allow users to interact with trusted counterparties, post borrow needs and lending availability, and manage collateral, filling the void left by the failure of crypto lenders such as BlockFi, Celsius, and Genesis.
“The platform also features loan lifecycle management tools with automated mark-to-markets, returns, recalls, and rerates, all managed through its 24/7 chat functionality,” the company said in a statement.
James Runnels, co-founder and CEO of Digital Prime, is a former Cantor Fitzgerald managing director and the head of securities lending at tZero, an Overstock tokenization firm that failed.
“Given the current markets and regulatory headwinds, Tokenet’s launch is an important and exciting step towards establishing trust and transparency in digital asset lending. This platform redefines digital asset lending and embraces the regulatory safeguards of traditional finance,” Runnels said.
Other Cantor Fizgerald alumni on the Digital Prime team include Courtney Campbell, a Bank of America veteran.
Anchorage Digital Tokenet will enable institutional cryptocurrency traders to borrow and lend digital assets while Anchorage Digital acts as a custodian.
“Client digital assets are held in segregated, on-chain vaults at Anchorage Digital Bank, with the highest security protocols in the industry,” Digital Prime said.
“Regulated crypto infrastructure is no longer optional — it is a prerequisite for long-term safety and viability in today’s market environment,” Anchorage Digital co-founder and president Diogo Monica said in the statement.
Among the early adopters are cryptocurrency custodian Xapo Bank, prime brokerage Hidden Road, institutional exchange EDX, and market maker DV Chain.
“The Tokenet platform provides much-needed transparency and loan life cycle tools to the institutional lending space, setting it apart from what is currently available in the market,” Xapo Bank CEO Seamus Rocca said.