Startup Paxos, together with Credit Suisse bank and brokerage company Instinet from the Japanese giant Nomura, launchedblockchain platform for trading securities — Paxos Settlement Service.
The service allows you to make instant payments onSecurities transactions on the private blockchain. Melayna Ingram, director of securities related products at Paxos, said the platform is in a testing phase with a limited number of people involved. In addition, to date, settlements are carried out only with certain securities that are listed on US stock exchanges.
Funds will be kept in custody accountsPaxos for Settlement against Payment (DVP). The system is limited to 7 participants, which can conduct up to 100,000 transactions per day. According to Ingram, testing the platform can last about 24 months. In addition, at the end of this quarter, it is planned to connect Société Générale to the settlement platform.
Paxos management intends to file this yearAn application for registration with the US Securities and Exchange Commission (SEC) to fully comply with the requirements of regulators and to freely provide services to all brokers. Earlier, the SEC sent a letter to Paxos in which it promised not to impede the launch of a regulated platform for trading in securities on the blockchain.
In September, Paxos launched the gold-linked stablecoin Pax Gold (PAXG) to attract new investors to the industry.
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