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Finance

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
AccessTimeIconSep 20, 2021 at 5:52 p.m. UTC
Updated May 11, 2023 at 6:01 p.m. UTC
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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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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Josh Fineman
    Josh Fineman

    Josh Fineman is CoinDesk's Senior Wall Street Reporter, covering the intersection of crypto and traditional finance.

    Follow @jfineman on Twitter