- Paxos Settlement Service is a private blockchain solution that allows two parties to settle securities trades directly with each other.
- Other broker-dealer clients of the service include Bank of America, Credit Suisse, Instinet, Societe Generale and Wedbush Securities. Paxos Settlement Service has been actively settling listed U.S. equity trades with pilot participants since it was launched in February 2020.
- Paxos is applying for full clearing-agency registration with the U.S. Securities and Exchange Commission. If registration is granted, the Paxos Settlement Service expects to provide settlement cycles ranging from T+2 (settlement dates that occur two days after the transaction) to T+0.
- Last week, Interactive Brokers announced it had teamed up with Paxos Trust to allow clients to trade cryptocurrencies.
Source: Coin Desk