Second-Biggest US Bank Joins Paxos’s Blockchain Stock Settlement Network

2021-5-18 23:10

Bank of America (BoA) has joined with Paxos Blockchain Stock Settlement Network in the latest sign that Wall Street is inching closer to crypto. 

It was announced Monday that Bank of America has joined with Paxos, a blockchain-based settlement network for U.S. equities. BoA becomes the third bank, along with Credit Suisse and Nomura, to try out the Paxos Settlement Service. The regulator-approved service is currently limited to internal transactions. 

The second-largest U.S. bank has been conducting internal transactions for months on its own. Now, if approved as a clearing agency, Bank of America will begin to offer the service to customers as well. 

The Paxos Settlement service allows two parties to settle equities trades in minutes using blockchain. This process traditionally takes days. The Securities and Exchange Commission (SEC) gave the project the go-ahead back in October 2019.  

The system Paxos employs has become one of a few select ways that banks have begun to use blockchain to evolve their interaction with markets. Since 2020, JPMorgan Chase has been using a version of Ethereum (ETH) to execute overnight repurchase agreements. The daily transactions for these agreements exceed $1 billion. Goldman Sachs Group Inc. also appears ready to dive into the market. 

The move toward a faster and more flexible stock settlement is great for banks, but no so much for the Depository Trust & Clearing Corporation. The DTCC has held dominance in equity markets for decades. Only trades that are submitted by 11 a.m. to the DTCC are able to be settled in the same day and miss more than 75% of all stocks traded on any day, according to Paxos COO Chad Cascarilla.

Currently, settlement times are about two days which causes delays for buyers to receive money from sellers.  The funds, at least briefly, are just floating in the ether waiting their turn to be processed.  

To combat this, the Paxos system connects eager investors directly via the Ethereum blockchain and allows settlements in real-time. Bina Kaloa, Bank of America’s head of global banking, said that flexibility and change to bilateral settlement are of great interest to the company and is excited to see that “everyone is partnering.”

The post Second-Biggest US Bank Joins Paxos’s Blockchain Stock Settlement Network appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Time New Bank (TNB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.01 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0020147 (-100%)

blockchain stock paxos network settlement bank second-biggest

Источник: beincrypto.com

blockchain stock → Результатов: 126


Blockchain Friendly Payments Play Leads Stock Market Recovery

Stock prices were whipsawed in today's session before ultimately managing to finish relatively flat. Leave it to a payments company to lead the broader stock market higher. FleetCor Technologies, which is a Georgia-based payments company, was the single best performer in the S&P 500 index, gaining 8 percent on a day that was making investors […] The post Blockchain Friendly Payments Play Leads Stock Market Recovery appeared first on CCN Markets

2019-8-8 04:15


KNL ecosystem ICO

KNL – is a platform that unites and considers the needs of farmers, traders, investors, exporters. We provide each participant with the opportunities and instruments that make up a whole chain of efficient processes for maintaining the operational activities of the agricultural industry KNL tokenization platform is the digitization of grain assets, real estate and property.

2019-7-23 13:20


Фото:

The Zimbabwe Stock Exchange Hints At Blockchain Integration  

At a time when forward-thinking financial institutions across the globe are increasingly integrating distributed ledger technology (DLT) into their processes in a bid to foster transparency and enhance productivity, the Zimbabwe Stock Exchange (ZSE) is also looking to explore the revolutionary technology, according to local news outlet, Chronicle on May 21, 2019.

2019-5-23 01:00


Terrified Central Bank Attempts to Arrest Myanmar’s Bitcoin Binge

By CCN: An emerging economy which expects to attract $5. 8 billion worth of Foreign Direct Investments is belittling its goals with an anti-technology stance. Myanmar is the latest developing country that is hinting to shut doors in the face of bitcoin, a decade-old global cryptocurrency which proposes to replace banks with a decentralized network of transaction validators and bookkeepers.

2019-5-20 12:10


Фото:

Malaysian Stock Exchange to Deploy Blockchain in Securities Borrowing and Lending Market

Kuala Lumpur-based stock exchange, Bursa Malaysia is mulling developing a blockchain-based securities borrowing and lending (SBL) proof-of-concept, reports Regulation Asia, May 7, 2019. The First of Its Kind Proof-of-Concept in South-East Asia In an attempt to imbibe a greater degree of transparency and efficiency in the Malaysian SBL market, the country’s stock exchange Bursa MalaysiaRead MoreRead More.

2019-5-9 11:00


Bitcoin wouldn’t meet the criteria for SDX’s platform, claims SIX’s Securities and Exchanges Head

Lately, the digital asset space has witnessed a rising number of institutional giants leveraging cryptocurrencies or its underlying blockchain technology for its operations. One such institutional giant is SIX, Switzerland’s stock exchange, which, in an attempt to digitize traditional assets, announced its plan to issue a native token on its platform.

2019-5-7 22:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

MoonPay breaks Solana transaction record twice in two days

On Nov. 19, MoonPay reported a 295% increase in SOL activity, fuelled by the recent surge in cryptocurrency. By 11 a.m. Eastern time on November 20, they had broken the record set on the 19th.   The record-breaking day for Solana…

Worldpay to start verifying blockchain transactions

Giant payment company Worldpay plans to verify blockchain transactions for the very first time in order to better understand how funds move through digital ledgers. According to a Bloomberg report on Sept.

ICP price triple bottoms as BOB, MSQ push transactions higher

Internet Computer price retreated for the fourth consecutive day as network activity surged following the launch of fair minting protocols in its ecosystem. Internet Computer (ICP) dropped to $7.70, its lowest level since Sept. 9, and 16% below its highest…

Transak introduces wire transfer services for US-based purchases

Transak has introduced wire transfers as a new payment method for US users to purchase crypto, becoming the first fiat-to-crypto on-ramp to offer this service. This move aims to enhance accessibility and convenience for crypto buyers, particularly those based in…