Cryptocurrency
Paxos Adds Wedbush Securities in Quest for Same-Day Stock Settlement
Paxos Adds Wedbush Securities in Quest for Same-Day Stock Settlement Credit Suisse, Instinet and Societe Generale are also part of the program, which is meant to shrink stock settlement times to hours, not days. Reported by CoinDesk.com “Wedbush Securities has joined the Paxos Settlement Service, a post-trade settlement platform for U.S. securities that uses blockchain […]
Paxos Adds Wedbush Securities in Quest for Same-Day Stock Settlement
Credit Suisse, Instinet and Societe Generale are also part of the program, which is meant to shrink stock settlement times to hours, not days.
“Wedbush Securities has joined the Paxos Settlement Service, a post-trade settlement platform for U.S. securities that uses blockchain technology for faster and more transparent results.
The investment firm with $2.4 billion under management has been bullish about blockchain and cryptocurrency since back in the early days, as well as being a longtime innovator in securities clearing.
Wedbush joins Credit Suisse, Instinet and Societe Generale in the Paxos program, which is built using a permissioned fork of Ethereum that allows two parties to bilaterally settle securities trades directly with each other.
Paxos recently tested same-day settlement of trades on the blockchain, a practice that looks all the more compelling in light of the share-trading fiasco involving the Wall Street Bets movement and trading platform Robinhood.
“It’s crystal clear that blockchain technology is destined to completely modernize securities settlement and custody,” Wedbush CEO Gary Wedbush said in a statement.”
Read the full article at CoinDesk.com