Digital RFQ (DRFQ), a digital asset over-the-counter broker, has selected Koine to act as custodian for its first commodity financing token, PGX, which launched earlier this month in partnership with Atom Asset Exchange (AAX).
Koine, an independent provider of settlement and segregated custody services for digital assets, plus settlement for digital assets versus fiat money, was selected for its Digital Airlock solution.
The Digital Airlock solution replaces the cold store and hot wallet model that exposes private keys and leads to poor operational scalability.
DRFQ noted that gold demand has been particularly strong in 2020 as it represents a “flight to safety” asset.
The PGX token allows both institutional and retail investors to directly engage with a traditional asset class through the new blockchain-based digital medium, DRFQ said.
Hugh Hughes, chair and CEO at Koine, said: “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.”
Mike Greenacre at Digital RFQ, added: “Koine was the obvious choice to custody our first digital asset offering, PGX. Their understanding and focus on solutions for institutional investors is exactly aligned to the business we are building at Digital RFQ. We are looking forward to adding more and more digital asset offerings onto Koine’s world class custody solution as we launch them.”
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