Cleartoken Nasdaq deal transforms digital asset clearing

The new Cleartoken Nasdaq partnership aims to modernise digital asset market infrastructure with institutional-grade clearing technology and 24/7 risk controls.

How does ClearToken use Nasdaq technology for digital asset clearing?

ClearToken, a London-based digital asset clearing house, has signed a deal to deploy Nasdaq’s Eqlipse Clearing technology as it prepares to go live.

The firm recently secured FCA authorisation, paving the way for a regulated post-trade service tailored to crypto markets and tokenised instruments.

With Nasdaq’s Eqlipse Clearing technology, ClearToken plans to launch its CT Settle platform, a digital settlement service branded as the CT Settle settlement service.

It will support delivery-vs-payment (DvP) and netting across digital assets and fiat currencies, explicitly including cryptoassets and stablecoins, to align with institutional expectations.

What market problem is ClearToken trying to solve with Nasdaq?

Today, much of the digital asset market still relies on bilateral trading on a gross, unnetted basis. This means participants and market makers must prefund trades, posting the full amount they intend to exchange with each counterparty before executing any transaction.

That structure ties up capital and heightens counterparty exposure.

However, ClearToken argues that introducing a centralised risk hub with delivery versus payment netting and margining can cut operational frictions while bringing digital assets closer to traditional market standards.

How will ClearToken’s central counterparty model work?

ClearToken is building a full central counterparty clearing house for digital assets that will connect to multiple trading venues, custodians and settlement systems.

Crucially, this model is not tied to any single exchange or trading platform, which could help address fragmentation in digital liquidity.

This architecture will give market participants central counterparty clearing connectivity rather than forcing them to face each counterparty directly. Moreover, a single clearing layer can streamline settlement workflows, standardise margin practices and improve netting efficiency across the broader ecosystem.

The planned service is designed to operate 24/7, reflecting the around-the-clock nature of crypto markets and tokenised assets. That said, ClearToken emphasises that the platform will provide real-time risk management, including margin calculations and default fund contributions, to manage exposures dynamically.

Why did ClearToken choose Nasdaq’s Eqlipse platform?

By selecting Nasdaq Eqlipse, ClearToken is tapping into technology widely used across global capital markets. Nasdaq describes Eqlipse Clearing as a configurable platform that supports multi-asset clearing and real-time risk, aimed at both traditional and digital assets.

According to Nasdaq, Eqlipse is built as cloud-enabled market infrastructure technology that can scale with volume growth. For additional context, Nasdaq outlines its Eqlipse capabilities on its official clearing technology page, highlighting support for diverse asset classes and high resilience.

Beyond clearing, the broader Eqlipse suite integrates trading and CSD systems with data and analytics. Moreover, Nasdaq positions the platform as a next-generation stack for exchanges and market operators, as described in its detailed Eqlipse introduction article.

What does this mean for institutional digital asset settlement?

The CT Settle platform is being positioned as a bridge between traditional financial infrastructure and digital markets. Its focus on DvP, netting and cryptoasset stablecoin settlement may prove attractive for institutions seeking a regulated environment with more familiar risk controls.

ClearToken also intends to support around the clock settlement while maintaining robust safeguards, an approach that aligns with the continuous trading rhythm of crypto markets. However, success will depend on adoption by trading venues, custodians and liquidity providers, which must integrate to fully benefit from netting and margin offsets.

In comments on the partnership, Steve Briscoe, CIO at ClearToken, said Nasdaq’s technology has enabled the firm to build a resilient, scalable and cloud-native infrastructure.

He stressed that it meets the high standards expected of traditional financial market infrastructures while catering to 24/7 processing and fractional ownership requirements in digital markets.

As the Cleartoken Nasdaq collaboration progresses, the initiative could become a reference model for regulated digital asset post-trade services. If widely adopted, it may help reduce counterparty risk, free up capital and normalise central clearing in tokenised markets.