NEW YORK and LONDON, Oct. 13, 2022 /PRNewswire/ -- Paxos, the leading regulated blockchain infrastructure platform, confirms the Paxos Settlement Service has settled nearly $50 billion in total commodities. The Paxos Settlement Service for Commodities streamlines the settlement process to handle all complexity for market participants across gold, silver, platinum and palladium. Importantly, the service allows for a centralized operational process for settlements with counterparties that are both on and off the Paxos network.
The Paxos Settlement Hub delivers efficient, cost-effective, safer settlement with full transparency on the movement of both metals and cash in a single user interface. The Paxos Settlement Hub is now an all-encompassing network that, in addition to streamlined settlement, offers the options of simultaneous settlement with other Paxos Settlement customers. This ensures safe settlement for trading counterparties that are not yet Paxos customers. By connecting the London Precious Metals Clearing Limited and the cash-based correspondent banking network, Paxos allows customers to pre-fund and multilateral net settlements, creating a single platform where settlement occurs for both metals and cash.
Anoushka Rayner, Paxos' Head of Commodities Growth, commented, "While the over the counter (OTC) market offers many benefits, it also creates operational complexity and introduces settlement risk for participants. The lack of standardization and optimization leaves firms open to unnecessary risks as settlement occurs via different networks. However, those risks can be mitigated with the right technology. The Paxos Settlement Hub for Commodities is the first platform to connect the metals and cash settlement networks. Due to the Paxos Trust Company underpinning settlement, payments are easily managed and errors are minimized. Furthermore, funds are also securely held in a bankruptcy-remote account, fully segregated. Paxos makes settlement transparent and seamlessly controls the swap of metals and cash."
The network growth for Paxos Settlement Hub looks very promising as banks increase their pace to adopt services to not only bring efficiency today, but to also future-proof their technology strategy for the digital transformation on the horizon.
Paxos will attend the LBMA/LPPM Precious Metals Conference 2022 in Lisbon from October 16-18, 2022. To learn more about the benefits of the Paxos Settlement Service or request to meet our team, visit www.paxos.com.
Paxos is the leading regulated blockchain infrastructure platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is replatforming the financial system to enable assets to instantaneously move anywhere in the world, at any time, in a trustworthy way.
Paxos uses technology to tokenize, custody, trade and settle assets. It builds enterprise blockchain solutions for institutions like PayPal, Interactive Brokers, Mastercard, MercadoLibre, Nubank, PicPay, Bank of America, Credit Suisse and Societe Generale. Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Founders Fund, Mithril Capital and PayPal Ventures. Paxos takes a global approach to modernizing the financial system.
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SOURCE Paxos
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