On September 29, 2023, OpenTrade, a notable platform bridging traditional financial markets with digital asset realms, declared a strategic collaboration with WOO X, enabling its user base to tap into tokenized Treasury Bills (T-Bills) and avail USDC-collateralized loans against liquid assets on a blockchain infrastructure, according to WOO official blog. This initiative is engineered through OpenTrade’s recent unveiling of tokenized T-Bills on Circle Research’s Perimeter Protocol.
The collaboration stems from a rising demand for tokenized T-Bills, driven by the comparatively higher yields from US government bonds against those found in decentralized finance (DeFi). WOO X, through this partnership, aims to fortify its foothold in the Asian region by offering a low-cost switch to tokenized T-Bills for its users. Jack Tan, WOO’s Founder and CEO, emphasized the commitment to furnishing customers with yield products anchored to real-world financial assets, and envisages an array of Real-World Asset (RWA) yield products delivered via the OpenTrade platform.
OpenTrade’s CEO, Dave Sutter, underlined the ambition of paving a “flatter, smarter, more efficient, and more inclusive financial markets” through this venture. The utilization of Circle Research’s Perimeter Protocol is lauded as a fundamental technological underpinning for a secure, scalable, and composable platform conducive for this evolution. OpenTrade emerges as a pivotal conduit linking traditional financial landscapes with the burgeoning digital asset space, heralding a new era of financial ingenuity and inclusivity.
In a concurrent development, WOO X unveiled its successful integration with South Korea’s CODE compliance solutions, epitomizing a strategic endeavor to amplify its presence in Asia, particularly South Korea-known for its voluminous active trader market. A cardinal aspect of CODE compliance entails the verification of user addresses prior to withdrawal, thus broadening the spectrum of WOO offerings accessible to Korean clientele.