NEW YORK and LONDON, Sept. 22, 2021 /PRNewswire/ — Paxos, the first regulated blockchain infrastructure platform, today announced it has enabled silver, platinum and palladium on the Paxos Settlement Service for commodities and now services all precious metals. Paxos is the first company to facilitate simultaneous, zero-risk settlement of cash and commodities trades. By streamlining operations onto a single platform, institutional clients manage settlement of traditional and digital trades seamlessly from one system.
Anoushka Rayner, Head of Commodities Growth at Paxos, commented, “The technology powering commodities markets must be upgraded as institutions need to reduce settlement risk, achieve greater efficiencies and innovate to create new products that reach new customers. The Paxos Settlement Service unlocks capital trapped in intraday settlement by facilitating simultaneous settlement of cash and commodities. It also offers long-term value by upgrading critical back-office infrastructure that has historically stalled growth of this trillion-dollar market. By introducing more assets and functionality to the platform, Paxos is transforming settlement and improving the daily workflow for our global clients.”
Paxos uses blockchain based solutions to drive innovation in financial market infrastructure. In the near-term, Paxos will introduce critical functions like multilateral payment netting and will also enable settlement of additional currencies.
Paxos is the first 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 Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people.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, Bank of America, Credit Suisse, Societe Generale and Revolut. Paxos is a top-funded fintech company 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 global approach to modernizing the financial system.
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