Paxos expanded the capabilities of its blockchain infrastructure platform to include clearing and settlement services for transactions in eligible securities.
The company’s subsidiary Paxos Securities Settlement Company (PSSC) has been granted registration as a clearing agency by the Securities and Exchange Commission, Paxos said in a Thursday (May 28) press release.
With this registration, the blockchain-native firm can provide clearing and settlement services as a central securities depository in the United States, according to the release.
PSSC’s clearing agency registration follows seven years of work with the SEC and a successful settlement pilot operated with participation from some of the world’s largest financial institutions, Paxos CEO Charles Cascarilla said in the release.
In the pilot, Paxos operated the clearing and settling of U.S. equities daily and demonstrated that blockchain-based post-trade infrastructure could deliver same-day settlement, reduce costs and improve operational efficiency within a fully regulated framework, according to the release.
“As a registered clearing agency, PSSC is able to provide clearing and settlement services for transactions in eligible securities,” Cascarilla said in the release. “Most importantly, it allows us to offer the most complete infrastructure for our partners to continue evolving with the market and blockchain technology.”
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Meanwhile, Paxos said in December that it converted its New York Department of Financial Services limited purpose trust charter to a national trust charter overseen by the Office of the Comptroller of the Currency.
The company said at the time that its federally regulated platform will allow businesses to issue, custody, trade and settle digital assets; will enable Paxos to support companies in their digital asset journey with service and compliance across 50 states; and will enable customers to launch digital asset products and stablecoin use cases that are aligned with evolving U.S. regulations.
Regulatory clarity in the U.S. has given large enterprises permission to move in the digital asset realm, Cascarilla told PYMNTS CEO Karen Webster and Citi’s Ryan Rugg in an interview posted in April.
Cryptocurrency isn’t replacing finance, he said. It’s turning into it.
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