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Paxos Adds ABN AMRO to Service for Settling US Trades
ABN AMRO joins five other broker-dealers that are providing settlement services for Paxos.
By Josh Fineman
Updated May 11, 2023, 6:01 p.m. Published Sep 20, 2021, 5:52 p.m.
Blockchain infrastructure platform Paxos has added ABN AMRO to its settlement service, the company announced Monday.
- 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.
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