Digital Prime Technologies announced the launch of Tokenet, its digital asset lending platform, with the first trades executed on the system. Galaxy Digital (NASDAQ: GLXY) is among the initial participants using the platform.

The platform applies securities lending practices to digital assets, providing structure and transparency for institutional participants. Tokenet enables firms to post borrowing needs and lending availability, manage collateral through a multi-custodian model, and access loan lifecycle management including rerates, recalls, returns, and mark-to-market functionality.

Digital Prime Technologies partnered with EquiLend to extend Tokenet's reach to securities finance participants through EquiLend's global network. The partnership aims to create a hybrid environment for handling both digital and traditional assets.

"Tokenet is the first digital asset lending platform built to satisfy institutional standards by mirroring the workflows, risk controls, and lifecycle management our clients already rely on," said Nick Delikaris, Chief Product Officer at EquiLend.

Max Bareiss, Head of Lending at Galaxy Digital, stated that Tokenet addresses the gap between operational standards and available tools in the digital asset space. "The workflows, the risk controls, and the transparency are what institutional participants have been looking for," Bareiss said.

Digital Prime Technologies provides digital asset solutions including execution, prime brokerage and lending services. The company states its platform addresses what it describes as fragmented practices and limited transparency in digital asset lending.

James Runnels, Co-Founder and CEO of Digital Prime Technologies, said the platform delivers institutional-grade capabilities for digital asset lending participants.