Activate your dormant crypto.
Pledge BTC, ETH, or most other crypto, including staked positions, without moving custody, and earn USD returns uncorrelated to the asset you pledged.
What dormant crypto does today.
Sitting on the balance sheet
BTC, ETH, and most other crypto exposed to price, generating no income in dollars.
Sell to earn yield
Selling to redeploy gives up the position and can trigger a taxable event.
Pledge and keep it
The position stays in custody while a dollar credit line earns real-world yield against it.
What a pledge gets you.
Custody never moves
Your assets stay with your qualified custodian. Neither RCM nor Rekord AG takes possession.
Keep your position
Pledge instead of sell, so you hold the upside and avoid a taxable event.
Staking stays live
Pledged staked positions keep earning rewards and keep validating.
USD-denominated returns
Yield comes back in US dollars, uncorrelated to the asset you pledged.
Price moves don't hit yield
A drawdown in the pledged asset changes its dollar value, not the return line.
Verify it yourself
See the same cryptographically verified records as operators and auditors, any time.
Who does what. Two entities, one stack.
Rekord Capital Markets (RCM) operates the vaults and credit strategies. Rekord AG, Zug, provides the underwriting and cryptographic proof technology: Rekord AI and Rekord Kloud.
How a pledge becomes yield.
Pledge BTC, ETH, or most other crypto
Staked and locked positions work too. Your collateral stays with your custodian; custody never moves.
A dollar credit line opens
RCM extends a USD credit line against your pledged collateral.
Real-world yield in dollars
The line deploys into Rekord Vaults and earns returns uncorrelated to the asset you pledged.
Proof at every step
Cryptographic proof from collateral through distribution, on the same records auditors see.
Validator & staking collateral.
Pledge in segregated custody
Foundations, validators, and institutional holders pledge BTC, ETH, or staked and liquid-staked positions. The collateral stays in segregated custody with a qualified custodian.
Keep validating
Nothing is unstaked, so validator staking rewards keep accruing. See how liquid staking tokens work as collateral.
Draw a USD line
RCM opens a USD credit line against the pledged position. Zero rehypothecation: the collateral is never lent on.
Deploy into an RCM vault
The line deploys into RCM-operated Rekord Vaults and earns USD returns uncorrelated to the asset you pledged.
Four ways to get dollars from a crypto position.
| Dimension | Selling the asset | CeFi rehypothecated lender | DeFi liquidation pool | RCM segregated, non-rehypothecated credit line |
|---|---|---|---|---|
| Keep upside | No. The position is exited at the sale price. | Yes, if the collateral is returned when the loan closes. | Yes, while the position stays above the pool's liquidation threshold. | Yes. You keep the pledged position and its upside. |
| Taxable event | A sale is a disposal. | Depends on the lender's terms; some take title to the collateral. | Depends on how the deposit is structured. | A pledge is not a sale, so no disposal occurs. Consult your own tax advisor. |
| Custody and rehypothecation | Proceeds sit wherever you hold them. | Collateral moves to the lender, which may lend it on. | Collateral sits in a smart contract under protocol governance. | Segregated custody with a qualified custodian. Zero rehypothecation: collateral is never lent on. |
| Staking rewards | Stop once the position is sold. | Depend on the lender's terms. | Accrue only if the pool accepts a liquid staking token as collateral. | Keep accruing. No unstaking is required. |
| Liquidation mechanics | None. The asset is already sold. | Margin calls and liquidation under the lender's terms. | Automated liquidation when the position crosses the pool's threshold. | Options banding eliminates margin calls under normal market conditions. |
| Counterparty risk | Settlement risk at the point of sale. | Exposure to the lender's balance sheet and to anyone it lends the collateral to. | Exposure to smart contract, oracle, and governance risk. | Collateral stays with a qualified custodian under qualified custody arrangements and perfected security interests. The deployed line carries the credit risk of the RCM vault strategies it funds. |
| Verification surface | Exchange or OTC trade confirmation. | Lender statements and periodic attestations. | Onchain pool state. | Rekord Kloud and the Proof Console: cryptographic proof from collateral through distribution. |
Built for institutional balance sheets.
Pledging crypto as collateral is built for institutional balance sheets: the foundations, validators, and treasuries that want dollar income without parting with the position.
Foundations
Dollar income from treasury holdings, without selling the token.
Validators
Yield on staked positions while consensus keeps running.
Digital asset treasuries
Put a crypto balance sheet to work in US dollars.
Crypto-native funds
Carry on long-held positions, without unwinding them.
Ecosystem balance sheets
Real-world yield on native and pledged reserves.
Go one level deeper.
The credit line deploys into the same Rekord Vaults stablecoin holders use: a curated mix of insured receivables, real-asset lending, and structured private credit, each underwritten and proven on the Rekord stack. Two products carry the work beneath the pledge.
Learn the fundamentals.
Plain-English guides from the Rekord Education Hub on the concepts behind this page.
Frequently asked questions
Can I borrow against my crypto without selling it?
Yes. You pledge assets like BTC or ETH as collateral to open a US-dollar credit line — without selling and without moving custody — so you keep your position and its upside.
Do I keep custody of my assets?
Yes. Your assets are pledged as collateral without moving custody, rather than sold or transferred away.
Is my collateral rehypothecated?
No. Pledged collateral stays in segregated custody with a qualified custodian and is never lent on.
What can I pledge?
BTC, ETH, and most other major digital assets.
What happens to the capital behind the credit line?
It deploys into the same RCM-operated Rekord Vaults that stablecoin holders use: a curated mix of insured receivables, real-asset lending, and structured private credit, underwritten and proven on the Rekord stack.
How is the collateral verified?
Collateral and cashflows are anchored and attested on Rekord's proof layer — Rekord Kloud and the Proof Console — so what backs your credit line is independently verifiable.
Who can access this?
Rekord is offered to qualified counterparties. Get in touch and we'll confirm eligibility.