Blockchain infrastructure platform and stablecoin issuer Paxos says it has become the first “blockchain-native” firm that the US Securities and Exchange Commission has granted registration as a clearing agency.
Paxos said on Thursday that its subsidiary, Paxos Securities Settlement Company, has become “the only blockchain-native firm” that the SEC approved to provide clearing and settlement services as a central securities depository in the US.
The approval represents a “critical piece of financial market infrastructure” as blockchain technology and traditional capital markets continue to converge, the company added.
Clearing agencies ensure securities trades are executed cleanly. Stock buyers and sellers do not trade directly and need clearing and settlement providers that…
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Source cointelegraph.com
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