Credit Suisse and Instinet first to settle US equities on Paxos blockchain

Credit Suisse and Instinet first to settle US equities on Paxos blockchain

Credit Suisse and Instinet have begun settling US securities on a bockchain-based post-trade platform supplied by Paxos.

4. Credit Suisse

4. Credit Suisse
The capabilities of Credit Suisse to use Paxos Settlement Service clearly indicate another promising entry among blockchain project ideas. The major banking player, based in Switzerland, is also capitalizing on the capabilities of Enterprise Ethereum alongside Paxos Settlement Service. Credit Suisse utilizes the Paxos Settlement Service for settling US-listed stock trades with the Instinet of broker-dealer Nomura.

The blockchain technology offered by the Swiss banking giant could help participants with the direct settlement of trades with each other. As a result, it can reduce the intervention of conventional intermediaries thereby speeding up the settlement.

Chad Cascarilla on Paxos’s Partnership With PayPal – Ep.151

Paxos CEO and cofounder Chad Cascarilla discusses his company’s partnership with PayPal, which just opened up its crypto purchase and selling product to all its US customers. In this episode, he covers:
● how Paxos enables PayPal’s crypto product
● the regulatory steps Paxos took to make this happen
● why $200 billion company like PayPal would partner with a small company like Paxos
● how Paxos Crypto Brokerage works
● how Paxos provides the regulatory cover that PayPal needs for this offering, along with custodial and liquidity services
● why this product sources its coins on Paxos’s ItBit exchange
● how the four crypto assets available on PayPal — bitcoin, ether, litecoin and bitcoin cash — were chosen
● what other tokens one might expect to be offered through Paxos Crypto Brokerage, and possibly by extension by PayPal
● how PayPal gets around the scaling issues on Bitcoin and Ethereum
● whether Paxos’s stablecoin business might be used by PayPal
● if PayPal does acquire BitGo, what that would mean for Paxos offering custody for PayPal through its brokerage
● how Paxos’s equity settlement platform is going, and where it could go over time
● how and why Paxos is applying to the SEC to become one of three clearing agents

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Episode links:
Chad Cascarilla: https://www.linkedin.com/in/charlescascarilla/

Paxos: https://www.paxos.com

PayPal now offers crypto purchases to all its customers: https://www.theblockcrypto.com/linked/84398/paypal-opening-up-app-crypto-users

Original announcements about PayPal offering crypto purchases with Paxos: https://www.coindesk.com/paypal-new-york-conditional-bitlicense-paxos-cryptocurrency
Paxos announcement: https://www.paxos.com/paypal-paxos-bring-crypto-to-millions-of-users/

Paxos Crypto Brokerage: https://www.prnewswire.com/news-releases/paxos-introduces-paxos-crypto-brokerage-service-to-power-digital-asset-buying-and-selling-in-any-product-301093761.html

PayPal approved for conditional BitLicense: https://www.dfs.ny.gov/reports_and_publications/press_releases/pr202010211

Paxos’s stablecoin business: https://www.theblockcrypto.com/genesis/54254/a-deep-dive-into-the-paxos-stablecoin-ecosystem

PayPal rumored to be in talks to acquire BitGo: https://www.coindesk.com/paypal-said-to-be-in-talks-to-buy-crypto-firms-including-bitgo-bloomberg

Paxos working with Revolut: https://www.coindesk.com/uk-fintech-firm-revolut-brings-bitcoin-ether-trading-to-us-customers

Paxos equity settlement business: https://www.theblockcrypto.com/linked/56494/paxos-equity-settlement-business-goes-live-with-credit-suisse-and-nomuras-instinet-as-first-clients


Link to the Crypto News Recap:

Charles Cascarilla Talks Paxos Crypto Services, Pax Dollar & Gold, PayPal, Stablecoin Regulations

Charles Cascarilla is the CEO and Co-Founder at Paxos. In this interview we discuss Paxos crypto solutions, Pax Dollar USDP, Pax Gold PAXG, Stablecoin regulations, crypto regulations, bitcoin adoption, NFTs and more.
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⏰ Time Stamps ⏰
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01:34 Charles Background
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15:19 What blockchain is Paxos tokenizing on
20:04 Stablecoin regulations & Paxos preparation for them
35:00 PayPal partnership & powering crypto buy and sell
39:08 Other partnerships
43:43 Plans for LATAM markers
49:22 Thoughts on US crypto regulations

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Paxos completes T+0 Settlement for Credit Suisse and Instinet Nomura

Chad Cascarilla, Paxos co-founder and CEO, joins ‘Squawk Alley’ to discuss how the company uses blockchain to complete T+0 settlements which allows brokerages to have less money sitting in clearing houses, an issue that came up during GameStop frenzy at the end of January 2021. For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi

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