Ondo Finance Plans to Launch an Institution-Focused Layer 1 Blockchain for Wall Street Firms
[Launch of Ondo Chain]
Ondo Finance announced its plans to launch Ondo Chain at its first summit held in New York on February 6. Chase Hero, co-founder of World Liberty Financial (WLF), the financial platform of the Trump family, stated at the summit that Ondo aims to create a "strategic reserve" utilizing the tokens it holds.
The development of Ondo Chain will involve existing partners such as BlackRock, PayPal, and Morgan Stanley, along with new partners including Franklin Templeton, WisdomTree, Google Cloud, ABN Amro, Aon, and McKinsey.
[Roles and Features of Ondo Chain]
Ondo's Layer 1 blockchain is set to support a variety of features tailored for institutional investors.
- Prime Brokerage Services: Providing cross-collateral margins for Real World Assets (RWA).
- Tokenized RWA Staking: Establishing a secure network based on real-world assets.
- Enhanced Asset Management Capabilities: Offering an optimized investment environment for institutional investors.
Although Ondo has not disclosed the exact launch date for its Layer 1 solutions, validators on Ondo Chain will be able to stake RWAs for network security. However, to prevent Miner Extractable Value (MEV) and front-running, validators will operate under a permissioned model.
Ondo Finance stated, "This approach enhances investor protection and serves as a suitable solution for institutional investors who require optimal execution." Nevertheless, anyone will be able to issue tokens, develop applications, and participate in the network on Ondo Chain.
[Strengthening Collaboration with WLF of the Trump Family]
Along with Ondo’s announcement, Hero from WLF revealed plans to build a strategic reserve using the tokens held by the platform. According to Bloomberg, WLF purchased approximately $470,000 worth of ONDO tokens on February 6. Additionally, WLF had previously acquired $270,000 worth of ONDO tokens on December 15. At that time, around $45 million worth of cryptocurrencies were purchased in the market, which included Ethereum (ETH) and Coinbase Wrapped BTC (cbBTC).
Currently, WLF of the Trump family holds a total of $35.4 million worth of cryptocurrency assets.
This article does not constitute investment advice or financial recommendations. Cryptocurrency investments carry high risks, and the responsibility for any investment decisions lies solely with the investor.
