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.
FM's Editor-in-Chief Yam Yehoshua on how the newsroom evaluates stories.
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Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
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Matthew Smith, Group CEO at EC Markets, speaking at FMLS:24
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
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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Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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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.
Whether you’re in finance, technology, or payments, this summit is your gateway to future growth, meaningful collaborations, and industry-leading insights.
👉 Don't miss out – secure your ticket now at https://events.financemagnates.com/ZQEYy0?utm_source=youtube&utm_campaign=fmls24-awareness&utm_medium=video&RefId=MLS%3A24+Video+Promo
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