Copy link
Increase text size
Decrease text size
Link copied

Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet

Fri, 21 Feb 2020, 10:46 am UTC

Blockchain startup Paxos announced in a press release the launch of a blockchain solution that allows two parties to bilaterally settle securities trades directly with each other.

Called the Paxos Settlement Service, the private, permissioned blockchain solution can settle select U.S. listed equity trades between broker-dealers Credit Suisse and Instinet. It allows for the simultaneous exchange of cash and securities to settle trades.

Paxos said that the solution, launched under No-Action relief from the SEC staff, represents the first live application of blockchain technology for listed U.S. equities.

“Launching Paxos Settlement Service under No-Action relief is the first step in our journey to transform post-trade infrastructure in the securities industry,” said Charles Cascarilla, Chief Executive Officer and Co-Founder of Paxos. "We’ve worked closely with Credit Suisse and Instinet to build a solution that can deliver long-term cost benefits and together we will refine the system in a live environment."

Emmanuel Aidoo, Head of Digital Asset Markets at Credit Suisse, said that the blockchain project has the potential to deliver great efficiency and cost savings to the post-trade cycle.

"Paxos Settlement Service introduces blockchain technology that's compliant with regulations and allows us to take important strides towards evolving market structure and unlocking capital that is tied up in legacy settlement processes," he added.

Paxos will be submitting an application for clearing agency registered with the SEC in 2020 to bring the service to all street-side broker-dealers to settle U.S. listed equities. Cascarilla said that this demonstrates their dedication to modernize market structure on a large scale.

Meanwhile, Société Générale will soon start using the blockchain solution for settling U.S. listed equities trades.

In November, Paxos released Fiat Gateway, which allows users to easily swap between US dollar and stabelcoins under its umbrella.

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • frostty
  • 2020.03.03 23:05:44
I never believed in bitcoin retrieval cos people around me told me it’s not possible. Sometimes last year I fell for a binary option scam which promised a higher return and I lost close to $90,000 worth of bitcoin, I felt so sad and devastated at the same time and lost all hope. Few months ago I read a lot reviewed on bitcoin site how digital currency had helped them recover there stolen bitcoin, as regards a recovery expert and genius so I contact his via his email (ultimatefundrecovery) At g mail Com, explained my ordeal how I was scammed and he promised to help me get all my bitcoin back to my greatest surprise I got all bitcoins recovered within 48 hours.
  • 0
  • ·
  • 0
  • wilsonborne44
  • 2020.02.23 01:46:09
Public Announcement.
  • 0
  • ·
  • 0
More
  • Bitcoin (BTC) $7,303.59 (+0.93%)
  • Ethereum (ETH) $171.37 (+1.35%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $267.42 (+1.35%)
  • Bitcoin SV (BSV) $221.20 (+9.87%)
  • Bitcoin (BTC) $7,303.59 (+0.93%)
Feb 21, 2020 (Friday)
12:01
Paxos launches blockchain-based securities settlement solution with Credit Suisse and Instinet
12:00
Brazil to launch new payment system in response to cryptocurrencies
11:59
Digital currency exchange Coinbase Pro lists Kyber Network token
11:57
Norwegian Air to soon start accepting crypto payments
10:21
Swedish central bank begins CBDC pilot with Accenture
09:51
Italian soccer team Juventus launches ethereum-based digital collectibles with Sorare
Feb 20, 2020 (Thursday)
14:16
Telecom companies complete cross-carrier mobile payments using blockchain
11:53
National Stock Exchange of Australia to develop DLT-based digital securities trading platform
11:00
South Korean ICO project discontinued, to return $7.5M to token holders
10:36
Samsung maintains crypto support in soon-to-launch Galaxy S20
09:41
BIS appoints Innovation Hub heads to lead Singapore and Switzerland
09:15
Coinbase becomes first crypto company to receive Visa principal membership
08:59
Dubai Economy and six banks launch KYC Blockchain Consortium
08:26
Crypto Technicals: ETH/USD under downside pressure after 'Bearish Engulfing' pattern
07:12
Tim Draper buys $1M worth of Aragon Tokens to create digital courts for DAOs
06:13
Renewable energy firm Acciona commits to take CBI’s blockchain-based carbon credits trading platform global
05:02
Crypto Technicals: BTC/USD trades below 21-EMA, break below 4H 200 MA (9386) to trigger further downside
04:56
Crypto exchange Coinfloor to launch a simplified bitcoin buying service
04:35
Indonesia’s customs department joins IBM- Maersk blockchain shipping platform “TradeLens”
Feb 19, 2020 (Wednesday)
12:46
Crypto custodian BitGo acquires digital securities startup Harbor
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft