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Broadridge Blockchain Repo Platform Is Averaging $31B a Day
Most transactions originate from banks in the U.S. and Europe.
Global fintech company Broadridge's blockchain-based repurchase agreement (repo) platform has been handling an average of $31 billion in trading volume a day since its launch last week.
- Transactions on the platform launched June 7 originate mostly with banks in the U.S. and Europe, according to a press release on Monday.
- Repos are short-term loans in which one institution sells securities to another with the agreement to buy them back at a slightly higher price.
- The platform was built on the VMWare blockchain using the DAML programming language. Horacio Barakat, Broadridge's head of digital innovation, said it was built to be interoperable with other ledgers, though not public blockchains such as Ethereum because many of those blockchains don't have the scalability to manage the required volume.
- Distributed ledger technology has also been harnessed for repo trades by investment banking giant JPMorgan, whose blockchain arm Onyx developed a platform in December to complete live intraday transactions.
Read more: Paxos Trumpets Same-Day Shares Settlement Using Blockchain
CORRECTION (JUNE 15, 15:00 UTC): Corrects headline figure to billion from million
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The creator of the Mayer Multiple argues bitcoin’s growing economic substance is compressing volatility and attracting deeper capital.
知っておくべきこと:
- Bitcoin volatility has dropped from around 120 in 2017 to 35 as institutional participation and options markets add stability to the asset.
- Mayer believes lower volatility makes bitcoin more investable for corporations, family offices, and institutional investors.
- Despite long-term concerns around miner security incentives and quantum computing, Mayer remains bullish...
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