NEW YORK, Oct. 14, 2019 /PRNewswire/ -- Paxos Trust Company, a regulated financial institution that digitizes and mobilizes assets, today announced that it has confirmed more than 600,000 trades totaling more than $1 trillion in notional value through its Paxos Post-Trade service offering. This milestone comes just a year after the Company introduced the service, which automates trade confirmations for the FX and commodities markets to reduce errors and secure real-time reconciliation.
Alex Long, Product Director for Post-Trade, commented, "We've come a long way since our launch last year - we've onboarded many clients and have increased the number of active institutions on our platform five-fold since the start of 2019. This is a business with strong network effects -- today, we're confirming trades between our own customers and then also many of their clients and counterparties. We provide this service for hundreds of unique counterparty pairs, for more than 125 asset types in 16 countries and across all continents."
Paxos also announced that it has expanded its product platform to now offer a Settlement Affirmation service that automatically verifies details including netted payment and delivery amounts and standard settlement instructions (SSIs) with counterparties. This function can be used independently or together with the Confirmations service and highlights how automation can be used to improve the efficiency of the entire post-trade process, from confirmation to settlement.
Long concluded, "By introducing technological innovation and automation to established business functions, Paxos is increasing the speed of transactions, freeing up valuable time for the employees who manage these processes, mitigating risk and saving customers money. We've introduced the platform to players across the commodities, FX and energy markets, and we expect to accelerate the growth of this business into next year."
About Paxos
Paxos Trust Company is on a mission to modernize finance by mobilizing assets at the speed of the internet. Paxos is building a future where all assets—from money to commodities to securities—will be digitized and can move instantaneously, 24/7. Settlement risk will cease to exist, so trillions of dollars of trapped capital can go to work in a global, frictionless economy.
As the first regulated Trust company with blockchain expertise, Paxos is uniquely positioned to mobilize and custody assets digitally. Visit www.paxos.com for more information on Paxos and its institutional-grade products like Paxos Standard token (PAX), the gold-backed PAX Gold (PAXG) token, Paxos Post-Trade for commodities as well as the itBit crypto-asset exchange and related services including escrow, custody and OTC trading.
Media Contact:
Becky McClain
[email protected]
SOURCE Paxos
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