Public blockchain platform, Zilliqa has recently concluded a partnership deal with the Foreign Exchange Clearing House (FXCH), to boost the liquidity of the platform’s official token, $ZIL.
Under this new partnership, FXCH will grant liquidity providers and institutional traders in need of credit lines with $ZIL tokens via a $10 million FX SWAP facility.
FXCH, one of the world’s largest dealers in Forex, specializes in the Spot Foreign Exchange market and derivatives (CFDs) of commodities, using a blockchain network to offer full transparency of settlement.
Founded in January 2004, the services of the platform go beyond settling financial transactions between two parties for a fee. It also accepts orders from clients to either buy or sell approved financial instruments funded by money or assets from such clients.
By joining hands with Zilliqa, the platform can provide SWAPs to clients and traders who choose to benefit from trading assets without taking any market risk in the form of the $ZIL token.
The short-term loan product provided to clients can last overnight, through a week or two.
Sharing his excitement at working with the new partner, Franck Mikulecz, founder and CEO of FXCH mentioned that the new deal is a first of its kind as FXCH has never offered financial institutions a SWAP option with a leading altcoin ($ZIL token).
The President and Chief Scientific Officer of Zilliqa, Amrit Kumar, also commented. He said,
“FXCH expertise in FX markets is unparalleled. We are glad to partner with them on a product that is at the core of traditional markets but still emerging in the crypto space. This new loan product will help make $ZIL more accessible for institutional investors and boost our liquidity.”
In a recent development headed by the platform’s Chief Commercial Officer and Co-CEO, Colin Miles, Zilliqa revealed that it will tokenize assets across the health, real estate, and marketing technology sectors.
In addition to the move to expand the commercialization plan of the Zilliqa project for the rest of the year, the blockchain platform will add other sectors with promising potentials to the previous three in later months.
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Author: Abigail Michelle