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Changing US Equities Markets with Blockchain Technology

After recent market activity led to institutional and retail brokerages restricting trading on highly volatile stocks like GameStop, the systemic risks caused by the legacy system of equities settlement was exposed for all the market to see. That system must be updated to prevent future market failure and we’re building Paxos交割服务 to solve this problem with blockchain technology. Today, our Managing Director for the securities business, Greg Lee is here to share his story.

 

 


 

What did you do before Paxos?

For more than 20 years, I’ve worked in electronic trading for financial institutions like UBS, Deutsche Bank and Barclays. I’ve focused on building, selling, and managing electronic trading systems and platforms. I’ve been fortunate enough to work with some amazing people across the globe and have seen what technology can do to dramatically change markets. I was involved in some of the first FX online trading systems, first Equities online trading platforms. I’ve seen the industry evolve into a fully electronic and algorithmically driven marketplace – and I also lived through the dot com era and saw what unchecked technology aspirations can produce when they aren’t grounded in solid business practices. 

What made you join Paxos?

I know the ins and outs of the market and I felt it was time for a change. I was just looking for the right opportunity. I learned about Paxos through a connection to one of its board members – the former NYSE CEO Duncan Niederauer – and I felt this was a great opportunity to work on a piece of market infrastructure that is critically important to the system and desperately needs upgrading. I had spoken with many companies either trying to change settlements or change established markets, but these companies had very unrealistic expectations of what they could achieve quickly. When I met with Paxos CEO Charles Cascarilla, he had a vision that was unique, but more importantly, a very honest and realistic assessment of what it would take to achieve it. I knew I wanted to be part of building and growing an alternative system for settlement that was achievable. 

What do you like about working at Paxos?

The people. Across the firm, we have great people, but more importantly the team I work closely with is one that I actually enjoy coming to work with (or getting on video with these days!). Being in a group that works well together, enjoys each other’s company, and is working towards a shared vision is something most people don’t get to experience. It’s truly a unique opportunity to be involved with this group all trying to implement Chad’s vision. 

What goals do you have for yourself here?

For Paxos to be a well recognized name in the industry and one that is seen to deliver real change and value to our clients. Being personally associated with this product and mission gives me great pride.


 

Paxos is a mission-driven company with a team of dedicated and passionate people who want to make a difference. We are expanding rapidly and looking to hire in all functions. Check out our blog to learn more about us and our openings to see if there’s a role for you.

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