Paxos activates white metals on the Paxos settlement service for commodities
NEW YORK and LONDON, September 22, 2021 / PRNewswire / – Paxos, the first regulated blockchain infrastructure platform, today announced that it has activated silver, platinum and palladium on the Paxos Settlement Service for commodities and now serves all precious metals. Paxos is the first company to facilitate simultaneous and risk-free settlement of cash and commodity transactions. By streamlining operations on a single platform, institutional clients manage traditional and digital transaction settlement seamlessly from a single system.
Anoushka Rayner, Head of Raw Materials Growth at Paxos, commented, âThe technology that powers commodity markets needs to be upgraded, as institutions need to reduce settlement risk, achieve greater efficiency, and innovate to create new products that reach new customers. The Paxos settlement service unlocks the capital trapped in intraday settlement by facilitating simultaneous settlement of cash and commodities. It also delivers long-term value by upgrading the critical back office infrastructure that has historically blocked the growth of this trillion dollar market. By introducing more assets and functionality to the platform, Paxos is transforming regulation and improving the daily workflow for our global customers. “
Paxos uses blockchain-based solutions to drive innovation in financial market infrastructure. In the short term, Paxos will introduce essential functions such as clearing of multilateral payments and also allow the settlement of additional currencies.
Paxos is the premier regulated blockchain infrastructure platform. Its products form the basis of a new open financial system that can operate faster and more efficiently. Today billions of dollars are stuck in inefficient and outdated financial plumbing, inaccessible to millions of people. Paxos is redefining the financial system to enable assets to move instantly anywhere in the world, anytime, reliably.
Paxos uses technology to tokenize, hold, trade and settle assets. He builds enterprise blockchain solutions for institutions such as PayPal, Interactive Brokers, Bank of America, Credit Suisse, Societe Generale, and Revolut. Paxos is one of the best-funded fintech companies with more than $ 540 million raised from leading investors including Oak HC / FT, Declaration Partners, Mithril Capital and PayPal Ventures. With offices in new York, London and Singapore, Paxos takes a holistic approach to the modernization of the financial system.
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