Paxos Settlement Service handles $50 billion worth of goods

0

Paxos, a regulated blockchain infrastructure platform, confirms that the Paxos Settlement Service has settled nearly $50 billion worth of goods in total.

The Paxos Commodities Settlement Service streamlines the settlement process to manage all the complexity for gold, silver, platinum and palladium market participants. Importantly, the service enables a centralized operational process for settlements with counterparties that are both on and off the Paxos network.

The Paxos Settlement Hub offers efficient, cost-effective and safer settlement with full transparency on the movement of metals and cash in a single user interface. The Paxos Settlement Hub is now a global network that, in addition to streamlined settlement, offers simultaneous settlement options with other Paxos Settlement clients. This ensures safe settlement for trade counterparties who are not yet Paxos customers.

By connecting London Precious Metals Clearing Limited and the cash correspondent banking network, Paxos enables clients to pre-fund and settle multilateral net payments, creating a single platform where settlement takes place for both metals and species.

Anoushka Rayner, Head of Commodities Growth at Paxos, commented: “While the over-the-counter (OTC) market offers many benefits, it also creates operational complexity and introduces settlement risk for participants. Lack of standardization and optimization exposes businesses to unnecessary risk as settlement occurs through different networks. However, these risks can be mitigated with the right Technology. The Paxos Settlement Hub for Commodities is the first platform to connect metals and cash settlement networks. With Paxos Trust Company’s underlying settlement, payments are easily managed and errors are minimized. Additionally, the funds are also held securely in an entirely separate remote account in the event of bankruptcy. Paxos makes settlement transparent and seamlessly controls the exchange of metals and cash.

Network growth for Paxos Settlement Hub looks very promising as banks accelerate their pace of service adoption not only to bring efficiency today, but also to future-proof their technology strategy for digital transformation on the horizon. .

Source: Paxos

Share.

Comments are closed.