Today Paxos announced that State Street integrated its custody offering for a pilot with the Paxos Settlement Service. This uses a permissioned blockchain with tokenized money to settle stock transactions on a same-day (T+0) basis.
One of the existing members, Credit Suisse, also took part in the pilot. Previous participants have included ABN Amro, Bank of America, Nomura’s Instinet, Societe Generale and Wedbush.
Nadine Chakar, head of State Street Digital, said the solution “further validates that the use of blockchain technology will help automate the life cycle of a trade, reduce costs and could eliminate the need for the traditional reconciliation processes used in today’s settlement environment.” The Paxos solution allows for continuous netting and settlement.
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