Paxos Appoints Former NYSE CEO Duncan L. Niederauer to Board of Directors

News provided by

Nov 29, 2016, 09:00 ET

NEW YORK, Nov. 29, 2016 /PRNewswire/ -- Paxos™, a financial technology company delivering revolutionary blockchain solutions for global financial institutions, today announced the appointment of Duncan L. Niederauer, the former Chief Executive Officer of The New York Stock Exchange, to the company's Board of Directors.

Niederauer joins the company's experienced leadership team, including fellow board members former FDIC Chairman Sheila C. Bair, former U.S. Sen. Bill Bradley, former FASB Chairman Robert H. Herz, and former Chairman, President and CEO of Lotus Development Corporation Jim Manzi.

"Duncan is an exceptional addition to our board and we will benefit from his over 30 years of leadership experience in developing products and building companies in financial services," said Paxos CEO Charles Cascarilla. "Duncan has been at the forefront of innovation and transformation in capital markets and will be instrumental as we continue to grow."

"I'm delighted to join the Paxos Board of Directors during a time of evolution within capital markets. Blockchain technology promises to revolutionize post-trade clearing infrastructure and Paxos' Bankchain platform is poised to offer unique market efficiencies and automation for the benefit of all investors. I'm excited to join a team of distinguished board members and work with the Paxos management team," said Duncan Niederauer.

Niederauer served as CEO of NYSE from 2007-2014. He was a partner at Goldman Sachs, where he worked from 1985-2007. He is co-founder of the Mountain Top Advisory Group, a managing member of 555 Capital, and the non-executive chairman of Scenic Advisement, LLC. He also sits on the boards of First Republic Bank, Realogy Holdings and Colgate University.

The appointment follows a series of strategic collaborations strengthening Paxos' position as a global leader in blockchain post-trade settlement. Paxos and Euroclear, one of the world's largest settlement houses, recently announced a collaboration to create Euroclear Bankchain, a blockchain settlement service for the gold market. The next-generation service brings instant settlement and true DvP (Delivery versus Payment) to the London bullion market for the first time. Paxos also announced a collaboration with EY on similar blockchain settlement initiatives.

ABOUT PAXOS

Paxos is a financial technology company delivering revolutionary blockchain solutions for global financial institutions. Its flagship service is Bankchain^™, a next-generation blockchain settlement platform that is transforming post-trade across capital markets. Bankchain delivers instantaneous settlement and greater automation, offering market participants reduced counterparty risk, lower capital requirements and increased operational efficiencies.

For more information about Paxos visit paxos.com.

Contact: [email protected]

SOURCE Paxos