{"id":129293,"date":"2021-06-18T10:05:29","date_gmt":"2021-06-18T10:05:29","guid":{"rendered":"https:\/\/precoinnews.com\/?p=129293"},"modified":"2021-06-18T10:05:29","modified_gmt":"2021-06-18T10:05:29","slug":"us-broker-wedbush-joins-paxos-equities-settlement-network","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/us-broker-wedbush-joins-paxos-equities-settlement-network\/","title":{"rendered":"US Broker Wedbush Joins Paxos\u2019 Equities Settlement Network"},"content":{"rendered":"

Wedbush Securities, a United States investment firm with over $20 billion in assets under management, announced on Thursday that it has joined the blockchain-based stock settlement network developed by Paxos.<\/span><\/p>\n

Paxos Settlement Service is a private and permissioned blockchain that allows participants to settle trades on any time cycle. On legacy US infrastructure, equity trade settlements take an additional two days after the execution day, and for same-day settlements, trades have to be executed before 11 am (Eastern Time).<\/span><\/p>\n

\u201cWedbush has long been an innovator in securities clearing services,\u201d Wedbush CEO, Gary Wedbush, said in a statement. \u201cIt’s crystal clear that Blockchain technology is destined to completely modernize securities settlement and custody. Paxos is way out in front in the evolution, and we are thrilled to be on board with this exciting new platform.\u201d<\/span><\/p>\n

Bringing Decentralization<\/span><\/h2>\n

Paxos Trust Company has become a big name in the technology industry, facilitating decentralized infrastructure to traditional companies.<\/span><\/p>\n

Its equities settlement network was also joined by Credit Suisse, Nomura’s Instinet, Societe Generale, and the Bank of America. Though a few more companies can join the network after the addition of Wedbush, it cannot take more than seven participants, according to the no-action relief received from the US Securities and Exchange Commission in 2019.<\/span><\/p>\n

Meanwhile, Paxos revealed that it will apply for a full clearing license in the United States as well and further grow its settlement network size. Finance Magnates<\/em> earlier reported on Paxos\u2019 intention of becoming a US national bank.<\/span><\/p>\n

\u201cUS equities settlement is opaque and relies on outdated technology,\u201d said Charles Cascarilla, co-founder and CEO at Paxos.\u00a0<\/span><\/p>\n

\u201cThe Paxos Settlement Service reduces risk, enables greater trading liquidity, and provides ownership transparency, which will revolutionize securities markets. We\u2019re pleased Wedbush is joining our pilot program and believe their participation will facilitate important network benefits for all participants.\u201d<\/span><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Wedbush Securities, a United States investment firm<\/p>\n","protected":false},"author":3,"featured_media":129292,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\nUS Broker Wedbush Joins Paxos\u2019 Equities Settlement Network - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/us-broker-wedbush-joins-paxos-equities-settlement-network\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Broker Wedbush Joins Paxos\u2019 Equities Settlement Network - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Wedbush Securities, a United States investment firm\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/crypto\/us-broker-wedbush-joins-paxos-equities-settlement-network\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-18T10:05:29+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/06\/US-Broker-Wedbush-Joins-Paxos-Equities-Settlement-Network.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/crypto\/us-broker-wedbush-joins-paxos-equities-settlement-network\/\",\"url\":\"https:\/\/precoinnews.com\/crypto\/us-broker-wedbush-joins-paxos-equities-settlement-network\/\",\"name\":\"US Broker Wedbush Joins Paxos\u2019 Equities Settlement Network - 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