HQLAᵡ receives new investment 10 March 2020Amsterdam Reporter: Justin Lawson
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HQLAᵡ which went live in December 2019 has just received new investment from Dutch bank ING.
ING's blockchain team had worked with the securities lending platform HQLAᵡ in developing the initial version of the application which uses blockchain to facilitate efficient and high-speed trading of high-quality liquid assets (HQLA).
“The successful commercial launch of HQLAᵡ is a big milestone for the implementation of blockchain in the securities lending market and proof that blockchain can bring tangible benefits to the industry,” said Mariana Gomez de la Villa, head of ING’s blockchain team.
ING and HQLAᵡ partnered in 2018 to carry out the first-ever live securities trade on a blockchain platform. Together with Credit Suisse, they swapped €25 million worth of high-quality liquid assets using the collateral lending application of HQLAᵡ on R3’s Corda distributed ledger platform.
HQLAᵡ CEO Guido Stroemer added “HQLAᵡ and ING have been actively collaborating throughout our transition from a proof of concept in 2017 to a production platform today.
“We look forward to a bright future of further collaboration, most immediately as we work with ING to enable decentralized node hosting.”
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