New York
13 September 2016
Reporter: Drew Nicol

itBit team launch blockchain firm


The team responsible for cryptocurrency trading platform itBit has now launched Paxos, a blockchain technology firm.

Paxos’s flagship service, Bankchain, is a cloud-based platform-as-a-service solution transforming post-trade market infrastructures and back-office processes for its global clients.

Previously, Bankchain was under the itBit umbrella, but will now be under the Paxos brand.

Paxos’s management team is led by CEO and co-founder Charles Cascarilla.

Its board of directors includes former chair of the Federal Deposit Insurance Corporation Sheila Bair and former senator Bill Bradley.

Former chair of the Financial Accounting Services Board Robert Herz and former chair, president and CEO of Lotus Development Corporation Jim Manzi will also hold board positions.

“Increasingly, the financial services industry is embracing the transformative potential of blockchain technology. Paxos is making that potential a practical reality,” said Cascarilla.

“Our collaboration with Euroclear to create a trusted blockchain settlement infrastructure for gold is just the beginning, and an important first for the industry.”

More clearing and settlement news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Caceis gains ICF bank trading platform mandate
21 December 2017 | Frankfurt | Reporter: Zsuzsa Szabo
Caceis has received a mandate from ICF Bank to be the settlement agent for the Frankfurt-based bank’s Quotrix platform
LCH establishes clearing of credit index options
20 December 2017 | London | Reporter: Jenna Lomax
The central counterparty is the first clearinghouse to implement a risk framework specifically for the clearing of credit index options
Post-trade upgrade on the cards for Saudi Stock Exchange
07 December 2017 | Riyadh | Reporter: Jenna Lomax
Nasdaq will replace Tadawul’s current post-trade registry, depository, clearing and settlement solution
CSD Prague opens a direct account in Euroclear Bank SA/NV
05 December 2017 | Frankfurt | Reporter: Drew Nicol
The account will allow the central securities depositary to access a wider range of services and to have access to many additional foreign markets, according to Euroclear
Japan earmarks Q2 2019 for T+2 settlement shift
07 November 2017 | Tokyo | Reporter: Drew Nichol
Japan has unveiled a “tentative” timeline for its exchanges’ shift from a T+3 to T+2 settlement cycle, with eye towards Q2 2019
Iberclear bank on Citi to provide global custody
20 October 2017 | Madrid | Reporter: Jenna Lomax
The agreement, signed at this years Sibos conference in Toronto, will enable Spanish clearing houses to settle international securities via local CSDs
Eurex Clearing launches partnership programme
09 October 2017 | Frankfurt | Reporter: Theo Andrew
The programme plans to build a “balanced ecosystem”, responsible for aligning responsibilities and benefits related to economics and governance, bringing “greater choice and transparency” to the market
More clearing and settlement news