Paxos is approved to launch blockchain stock settlement platform, Credit Suisse and Societe Generale will participate in the first batch
According to Cointelegraph's October 29 report, Paxos Trust announced that it will launch settlement services for US-listed stocks.
According to a press release on October 28th, digital asset trust Paxos said it has received a “no action exemption” letter from the US Securities and Exchange Commission (SEC) and is preparing to launch a blockchain-based stock settlement platform. The SEC letter indicates that the agency will not take any action against Paxos. In other words, Paxos can now launch its billing platform.
Credit Suisse and Société Générale will be the first to use the US stock blockchain real-time service, and both parties will be able to directly conduct securities settlement transactions. Paxos CEO and co-founder Charles Cascarilla said:
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The technology will start with stocks listed in the US and then expand to other asset classes in different regions and target all types of customers.
In early September, Paxos launched PAX Gold (PAXG), an Ethereum token that is endorsed in gold. Paxos claims that it is “the first crypto asset that can be exchanged for physical gold”. A few days later, the stable currency was approved by the New York State Department of Financial Services, which the government said was the first digital currency eligible to be traded in New York State and linked to gold.
Kraken goes online PAX Gold
Just today, the San Francisco-based Kraken cryptocurrency exchange announced the launch of PAXG. Starting October 29, exchange users will be able to access and trade the asset. Kraken will also launch a trading pair between PAXG and Bitcoin, Ethereum and the legal currency such as the euro and the US dollar.
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