INTL FCStone will be using the startup’s Paxos Confirmation Service to automate its trade confirmations.
INTL FCStone, a global provider of financial services, has started using technology from Paxos, a Blockchain and cryptocurrency startup, to automate its trade confirmations. The firm will use the Paxos Confirmation Service for its precious metals division at its London unit, Paxos announced on Wednesday.
Paxos' confirmation service is a system built to address the post-trade needs of the precious metals market. Specifically, the service claims to automate trade confirmations, which can reduce human error and reconcile trades immediately.
Speaking to Finance Magnates Seth M. Phillips, Executive Director at Bankchain Precious Metal, part of Paxos, said: "through Paxos Confirmation Service, INTL FCStone can eliminate thousands of manual tasks every day while improving operational precision."
“INTL FCStone and its counterparties can electronically match trade economics almost instantaneously after booking through a simple Web interface or more sophisticated API access. Both firms get the benefit of knowing trades are either captured correctly or problems are quickly identified and resolved."
"This service is for confirming trades. We will be releasing products in the future that will help with further steps of post-trade processes, including settlement via blockchain."
The firm will use the technology to confirm the thousands of trades it executes on a daily basis. In addition, the service will allow the company and its counterparties to quickly match trade economics electronically after booking.
Commenting on the partnership, Charles Cascarilla, the CEO of Paxos, noted: "Our mission has been to build products that simplify post-trade, freeing up capital and decreasing cost. This is an important milestone as the first stage of our settlement offering goes into live production by serving such a trusted partner as INTL FCStone and its counterparties."
The startup was founded in 2012 as Bitcoin exchange itBit. Through itBit, the firm offers exchange and custody services for Ether, Litecoin, Stellar Lumens and Bitcoin Cash. The service also aims at emerging cryptocurrencies, by using its own virtual currency exchange. Following its launch, the company shifted its focus to providing services using blockchain and rebranded to Paxos.
However, the company is seeking to revive the crypto side of its business. This is due to the rise in popularity of cryptocurrencies. Earlier this year in June, Finance Magnates reported that Paxos received additional approvals from the New York Department of Financial Services to expand its services to include Ether, Litecoin, Stellar Lumens and Bitcoin Cash on its crypto exchange. This added on to its previous approvals to offer bitcoin custody and trading services.
INTL FCStone, a global provider of financial services, has started using technology from Paxos, a Blockchain and cryptocurrency startup, to automate its trade confirmations. The firm will use the Paxos Confirmation Service for its precious metals division at its London unit, Paxos announced on Wednesday.
Paxos' confirmation service is a system built to address the post-trade needs of the precious metals market. Specifically, the service claims to automate trade confirmations, which can reduce human error and reconcile trades immediately.
Speaking to Finance Magnates Seth M. Phillips, Executive Director at Bankchain Precious Metal, part of Paxos, said: "through Paxos Confirmation Service, INTL FCStone can eliminate thousands of manual tasks every day while improving operational precision."
“INTL FCStone and its counterparties can electronically match trade economics almost instantaneously after booking through a simple Web interface or more sophisticated API access. Both firms get the benefit of knowing trades are either captured correctly or problems are quickly identified and resolved."
"This service is for confirming trades. We will be releasing products in the future that will help with further steps of post-trade processes, including settlement via blockchain."
The firm will use the technology to confirm the thousands of trades it executes on a daily basis. In addition, the service will allow the company and its counterparties to quickly match trade economics electronically after booking.
Commenting on the partnership, Charles Cascarilla, the CEO of Paxos, noted: "Our mission has been to build products that simplify post-trade, freeing up capital and decreasing cost. This is an important milestone as the first stage of our settlement offering goes into live production by serving such a trusted partner as INTL FCStone and its counterparties."
The startup was founded in 2012 as Bitcoin exchange itBit. Through itBit, the firm offers exchange and custody services for Ether, Litecoin, Stellar Lumens and Bitcoin Cash. The service also aims at emerging cryptocurrencies, by using its own virtual currency exchange. Following its launch, the company shifted its focus to providing services using blockchain and rebranded to Paxos.
However, the company is seeking to revive the crypto side of its business. This is due to the rise in popularity of cryptocurrencies. Earlier this year in June, Finance Magnates reported that Paxos received additional approvals from the New York Department of Financial Services to expand its services to include Ether, Litecoin, Stellar Lumens and Bitcoin Cash on its crypto exchange. This added on to its previous approvals to offer bitcoin custody and trading services.
One Day to US Election: Corporate CFOs Face Increased FX Risks as Dollar Strengthens
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
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Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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Join us at FMLS:24 to connect with global institutional brokers. Secure your spot today! #fmls24
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