ClearToken, a London-based clearing house focused on global digital assets, has successfully raised $10 million in funding from notable participants including Laser Digital, the digital asset arm of Nomura, as well as several global liquidity providers such as Flow Traders and GSR, and leading digital asset firms like LMAX Digital and Zodia Custody.
The company aims to achieve full regulatory compliance in the UK and has started the process to obtain clearing house recognition from the Bank of England, with plans to launch central counterparty (CCP) services within the next 12 to 18 months. In 2024, ClearToken is set to introduce preliminary settlement services, pending necessary approvals from the Financial Conduct Authority and the Bank of England.
Benjamin Santos-Stephens, CEO of ClearToken, stated, “ClearToken has attracted investment from firms across the US, EU, and Asia. Our investors recognize that the UK government’s progressive legislative framework for the recognition and regulation of digital assets, along with the UK’s established leadership in clearing services for securities markets, positions the UK as the ideal location for the first digital asset clearing house.”
ClearToken’s infrastructure is designed to lessen bilateral counterparty risk for settlement, financing, and derivative transactions by centralizing processes related to clearing, collateral, and risk management. The company will operate around the clock, facilitating transactions from various venues and over-the-counter markets worldwide, while managing risk in real-time through margin and default fund contributions.
Julian Sawyer, CEO of Zodia Custody, remarked, “The future viability of the digital asset ecosystem hinges on collaboration among infrastructure providers. Effective clearing is a vital component of the overall framework—this is where ClearToken plays a crucial role. Zodia Custody’s investment reflects our confidence in the institutional future of digital assets and the ecosystem’s ability to deliver robust infrastructure.”
The venture is being incubated by Laser Digital, a Swiss-based independent digital asset company established by Nomura last year. Laser Digital focuses on segments including decentralized finance (DeFi), centralized finance, web3, and blockchain infrastructure.
Olivier Dang, head of ventures at Laser Digital, commented, “Alongside industry leaders, Laser Digital is pleased to support ClearToken in its mission to enhance and strengthen the digital asset market’s structure.”