Gemini's ex-Asia Pacific head, Jeremy Ng, and former head of business development for the region, Eugene Ng, have unveiled their crypto startup, OpenEden. The startup's first product, the OpenEden T-Bill vault, will offer exposure to tokenized Treasury Bills (T-Bills).
The vault is an on-chain pool that allows $USDC stablecoin holders to mint "TBILL" tokens and earn a yield from U.S. Treasury Bills. Most of the pool's assets will be invested directly into short-dated U.S. Treasury Bills off-chain, and a small portion of $USDC will remain on-chain to facilitate instant withdrawals.
The vault is permissioned, and investors need to submit KYC documents to deposit $USDC into it. OpenEden Pte. Ltd. will manage the vault, which is a registered fund management company regulated by the Monetary Authority of Singapore. OpenEden's Cayman subsidiary is a bankruptcy-remote special purpose vehicle (SPV) that holds the underlying assets of TBILL tokens for the benefit of TBILL token holders, removing any risk of commingling with OpenEden's balance sheet.
OpenEden has partnered with Saxo Bank as its custodian and several other firms, including Circle, DBS Bank, KPMG, Elliptic, Harneys, Capital Asia Investments, and TJ Assurance Partners PAC. OpenEden also plans to launch more products, including tokenized bonds, stocks, and real estate investment trusts.
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