Counterparty Framework
Most questions about a digital asset financing arrangement reduce to one: where, exactly, is my asset, and who can touch it? This page answers that directly.
Where your assets sit
Accountable vault infrastructure
Operates the dedicated vault your deposit is made into, with the controls, verification and reporting that institutional holders require. Accountable's role is verification and integrity of the deposit: confirming what was deposited, that it remains as agreed, and producing the reporting that lets you and your auditors see it.
FalconX prime broker and capital
Holds the deposited assets and provides the capital released against them.
CFTC-registered swap dealer
MFSA-licensed crypto-asset service provider
FalconX is the balance sheet on the other side of the arrangement. The capital you receive comes from a regulated institutional prime broker, not from a pooled retail lending protocol.
Bima arranger and administrator
Structures the collar and sets the terms with you
Executes the options leg that generates the premium subsidising the financing cost
Manages hedges and portfolio-level risk on the derivative book
Assembles and coordinates the counterparties
Administers the programme end to end: term sheets, deposit, release, settlement, rollover, reporting
No rehypothecation
Deposited assets are not lent out, re-pledged or reused to fund unrelated activity. The arrangement is documented, and the deposit's purpose is bounded by that documentation.
Diligence them yourself
Both counterparties are named in writing before you deposit anything, and both are regulated entities. Bima's position is that you should verify them independently rather than take the arrangement on trust request the documentation, review the licences, and speak to the counterparties directly if that is what your process requires.
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