Seychelles-based cryptocurrency exchange, WOO X has collaborated with OpenTrade to offer tokenized U.S. treasury bills in Asia. The development today surfaced as part of the cryptocurrency exchange’s expansion to the region. WOO X will leverage OpenTrade’s platform for tokenized real-world assets to actualize the project.
In a post on X (formerly Twitter) that confirmed the development, the cryptocurrency exchange provided insights into the partnership. As revealed, the collaborative effort will allow users of WOO X to earn yields through tokenized treasury bills. Also, it will provide users the privilege to borrow USDC-secured loans against liquid assets.
It is worth mentioning that OpenTrade commenced operations earlier this year. Ever since, the firm has emerged to become a prominent figure in the industry. Recently, the company unveiled a host of services for its users. In a revelation, OpenTrade disclosed that its tokenized products are designed with Perimeter Protocol. The Perimeter Protocol is built by Circle Research.
Meanwhile, the CEO of WOO X, Jack Tan also weighed his opinion on the collaboration. The CEO highlighted how the increasing demand for tokenized treasury bills inspired the partnership. Further, Jack Tan cited that the high returns on US government bonds compared to what is obtainable in the decentralized finance sphere fueled the fast-growing demand.
How WOO X is aiming to become a leading force in the Asia crypto market
In his submission, Jack Tan underlined that the collaboration will further strengthen the position of the crypto exchange in Asia. He registered hope in the effectiveness of the initiative in enhancing the reputation of WOO X in the region. The CEO stated that the major selling point of the project is the access it offers users to tokenized T-Bills at a cheaper rate.
Recall that early this month, WOO X ventured into the Asia crypto market after integrating with South Korea’s CODE compliance solutions. In a blog post, the exchange shed more light on its strategic plan. This plan according to the exchange includes complying with regulatory demands.
Likewise, the firm submitted that full regulatory compliance will aid it in making a noticeable impact in the South Korean market. Similarly, the focus to become a leading force in Asia as per WOO X is motivated by the stature of the region as the largest market for active traders in terms of trading volume.