Cryptocurrency News

ABN AMRO Clearing Chicago Joins Paxos Settlement Service

The regulated blockchain infrastructure platform Paxos has announced that ABN AMRO Clearing Chicago will join its settlement service to become the sixth broker client to do so. Based on the press release from the firm, Paxos has been running the settlement service in its pilot phase under the strict supervision of the United States Securities and Exchange Commission (SEC).

Other brokers that have partnered with the blockchain infrastructure platform for its service dubbed Paxo Settlement Service include Wedbush, Bank of America, Societe Generale, Instinet, Credit Suisse, among others.

The Managing Director of Paxos, Greg Lee, commented on the announcement, “We are pleased to onboard ABN AMRO Clearing to our settlement platform as we are working to transform the post-trade infrastructure in the securities industry. Paxos has shown its ability in innovating and delivering enterprise-grade solutions that are compelling in the high-value and complex market. Through our close rapport with our institutional clients, we have been able to concentrate on the back-office processes and offer a same-day net settlement that enables more opportunities for business development.”

Paxos is currently on its application to get registered as a full-fledged clearing agency with the SEC. In addition, after getting the green light from the US regulator, the firm is looking to deploy multilateral netting processes to settle transactions in real-time.

The Partnership with Interactive Brokers

Last week, Interactive Brokers LLC revealed the official announcement of its cryptocurrency trading service launch via Paxos. The clients of the brokerage will now be able to acquire and trade assets like Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH). The firm also said that the commission on crypto trading on the platform would be around 0.12% to 0.18% of the whole trading value, depending on the recorded monthly volume.

The Co-founder and CEO of Paxos, Charles Cascarilla, said: “The interest of consumers in accessing the digital assets via a trusted medium is causing a great shift in the finance industry. Paxos is working to provide a well-regulated blockchain infrastructure that allows the safe integration of crypto with reduced risk by enterprises.”

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