Bank of America joins Paxos blockchain securities clearinghouse – Bits Media

Bank of America, the second largest bank by assets (Good) announced cooperation with startup Paxos - the bank joined the settlement network for securities on the blockchain.

Using the blockchain, the Paxos Settlement Service platform allows you to complete transactions on buying and selling securities in just a few minutes. According to the head of the BOA on financing and calculations Kevin McCarthy (Kevin McCarthy), The bank has been testing internal transactions for several months and will provide access to customers to the new platform after receiving a license to launch clearing.

Typically, when buying and selling securities in America, they use the services of a depository trust and clearing corporation (DTCC), Confirmation of transactions with which usually takes a couple of days. As McCarthy noted, When using the PAXOS platform, transactions take minutes, So the transaction security can be returned to the owner the very next day. Thus, profit ratio will increase.

At the end of April, the PAXOS startup received a conditional banking license from the US money circulation controller (OCC). It will create a separate trust, regulated at the federal level.