Paxos Standard Token Will Settle Securities Using Blockchain

The Paxos Standard token will launch its settlement service and according to the firm, the service can now settle US-listed equity trades between the broker-dealers Credit Suisse and Instinet LLC as we are reading further in the Paxos news.

The Paxos Standard token will use a permissioned blockchain solution that will enable two parties to settle direct trades without an intermediary so the platform launched the service under No-Action relief from the staff of the United States Securities and Exchange Commission. The transactions have been finished between Instinet and Credit Suisse but also another participant- Societe Generale which will start using the service soon.

While announcing the blockchain-based settlement service, Paxos also announced it has submitted an application with the US SEC in order to become a clearing agency and to provide a Paxos Settlement Service for all of the brokers and dealers.
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The CEO and Co-founder of the Paxos Standard Token, Charles Cascarilla said that the new launch of the settlement service under the No Action letter is a major step in the path of transformation of the securities industry:

 “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. Our upcoming application for clearing agency registration demonstrates our dedication to modernizing market structure on a large scale.”

The head of digital asset markets at Credit Suisse, Emmanuel Aidoo, explained that the new initiative has a huge potential to deliver high efficiency and cost savings to the post-trade cycle by increasing the value for the banks and the entire industry as well:

 “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.”

The Global Head of Operations at Instinet Luke Mauro said that Instinet has been committed always to finding the new and innovative ways to integrate technology into the trading cycle in order to improve efficiency and benefit the clients:

 “Going live with Paxos Settlement Service will bring about significant digital transformation to this part of the trading process and help to optimize securities settlement.”