Press Release: OTC Exchange Network announces appointment of Blockchain architect Drew Rasmussen as CTO
AL, February 27, 2017 at 13:58 UTC
FOR IMMEDIATE RELEASE
San Francisco, CA – February 27, 2017 - OTC Exchange Network announces appointment of Blockchain architect Drew Rasmussen as CTO.
OTC Exchange Network ("OTCXN"), an institutional trading network and technology provider focused on using Blockchain technologies to solve the biggest problems in the largest markets in the world, has announced that it has appointed Drew Rasmussen as Chief Technology Officer (CTO) of the company. As OTCXN's CTO, Rasmussen will be responsible for overseeing all technical design, technological resources, and technology development. Additionally, he will leverage his unique experiences for facilitating the overall architecture and development of the company's proprietary Blockchain fabric, also known as Distributed Ledger Technology (DLT). He will report to Rosario M. Ingargiola, the company's Founder and CEO.
"We are thrilled that Drew will bring to OTCXN his unique expertise in developing Blockchain technologies specifically for large-scale use cases at global financial institutions," Ingargiola said. "Drew is leading development of our ground-up proprietary Blockchain stack, which will be used as the backbone of our institutional peer-to-peer trading network and also to be offered as a stand-alone Blockchain infrastructure for permissioned ledger based systems of all types."
Rasmussen joins OTCXN with years of experience leading custom, ground-up Blockchain implementations for leading global firms adopting DLT for various use cases, including Overstock.com's T0 platform, NASDAQ, State Street, and many other globally recognized financial institutions.
"Since 2012, I have had the opportunity to see the emergence of many exciting products and services within the Blockchain space. Nonetheless, I have noticed the importance of creating end-to-end solutions continues to allude the majority due to a lack of deep and intimate knowledge of fields outside of technology. Few people have been responsible for bringing an institutional FX trading platform to market successfully, as has Rosario. With his extensive background within FX and mine within Blockchain, this problem has now come to an end," said Rasmussen. "I'm very excited to be part of company with the ambitious vision of re-engineering the world using Blockchain," said Rasmussen.
Ingargiola shares Rasmussen's sentiment, "Outside of crypto-currencies, there is only one trading platform in the world that's in production today based on Blockchain technology – Overstock's T0 platform – that Drew was responsible for its design and development, speaks for itself."
OTC Exchange Network ("OTCXN") leverages its own proprietary Blockchain technologies to operate a permissioned, peer-to-peer trading network solving the biggest problems facing all market participants; starting with the OTC Spot FX market. OTCXN's total end-to-end solution includes a suite of real-time services, such as collateral management, pre-trade credit checks, liquidation risk management, counterparty risk and liquidity management, instantaneous clearing and settlement, and post-trade messaging including netting based on inbound messages for trades done away from the network. Additionally, OTCXN's total solution provides a software gateway to financial institutions that facilitates tokenization and reservation of collateral for members' leveraged trading without OTCXN holding or controlling the collateral. Participating Prime Brokers are provided with real-time pre-trade credit controls, client kill-switches, real-time trade-matching proofs, auditable post-trade messaging, and permissioned API access to the immutable audit ledgers. OTCXN supports asymmetric bi-lateral relationships based on counterparty credit rating, Prime Broker credit lines, and/or reserved collateral. OTCXN's Blockchain fabric is available as a stand-alone offering for enterprises that require ultimate flexibility, unparalleled performance, and strong data privacy.
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