Paxos Secures First Blockchain Clearing Agency License in the U.S.
- Paxos, via its subsidiary Paxos Securities Settlement Company (PSSC), has received a clearing agency license from the U.S. SEC.
- This makes Paxos the first blockchain company in the United States to achieve this status.
- The license enables PSSC to provide clearing and settlement services for securities transactions as a central securities depository.
- Paxos previously tested its blockchain-based settlement system with major institutions like Credit Suisse and Société Générale.
- CEO Charles Cascarilla noted that this registration positions PSSC to offer comprehensive infrastructure solutions for partners in the evolving market.
The SEC’s approval of PSSC as a clearing agency is a critical step towards integrating blockchain technology into traditional finance, enhancing transparency and efficiency in securities transactions involving digital assets.
With this new license, Paxos aims to streamline post-trade processes, potentially enabling same-day settlements and reducing operational costs within regulated frameworks. (Source)
