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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.

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