INTL FCStone Implements Paxos’ Blockchain Solution for Precious Metals Trading

 In Altcoins, Exchanges, Governments and Regulations

INTL FCStone’s precious metals unit has applied the blockchain solution of Paxos to automate trade confirmations.

INTL FCStone, one of the largest financial services companies in the world, has implemented a blockchain-based solution from Paxos to automate trade confirmations in its London precious metals unit, according to a press release obtained by Cryptovest.

Paxos offers a special service aimed specifically at post-trade solutions in the precious metals sector, helping clients automate trade confirmations, minimize errors, and ensure fast reconciliation.

INTL FCStone confirms thousands of trades each day, which will get automated with the blockchain-powered solution. The New York-based company and its counterparties will be able to match trade economics electronically within seconds after booking.

Paxos CEO Charles Cascarilla, who previously worked at Bank of America and Goldman Sachs, commented on the deal:

“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 deal comes soon after Paxos secured in May $65 million in Series B funding round led by Liberty City Ventures, RRE Ventures, and Jay Jordan among others. The startup had some problems last year when Euroclear abandoned a blockchain partnership for the London gold bullion market.

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In June 2018, Paxos got the green light from the The New York Department of Financial Services (DFS) to offer exchange and custody services for Bitcoin Cash, Ether, Stellar Lumens, and Litecoin. 

Paxos is a subsidiary of Kabompo Holdings and was previously called itBit Trust Company. Currently, it provides trading solutions for Bitcoin and the mentioned four cryptocurrencies on its itBit platform.

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