Wedbush Securities, one of the nation’s leading independent financial services providers, is pleased to announce it has joined the Paxos Settlement Service, the blockchain stock settlement network powered by Paxos Trust Company. Paxos is the first regulated blockchain infrastructure platform that uses technology to tokenize, custody, trade and settle assets.
Paxos Settlement Service is a private, permissioned blockchain solution designed to allow two parties to bilaterally settle securities trades directly with each other. This blockchain enabled network is interoperable with the legacy clearing system and can facilitate settlement on any time cycle. Paxos leverages smarter margin calculations to free up capital and protect against risk. This reduces transaction settlement fees by 70% and significantly reduces clearing capital with a modern margin approach.
“Wedbush has long been an innovator in securities clearing services.” stated Gary Wedbush, CEO of Wedbush. “It’s crystal clear that Blockchain technology is destined to completely modernize securities settlement and custody. Paxos is way out in front in the evolution, and we are thrilled to be on board with this exciting new platform.”
Charles Cascarilla, CEO and Co-Founder of Paxos, commented, “US equities settlement is opaque and relies on outdated technology. The Paxos Settlement Service reduces risk, enables greater trading liquidity and provides ownership transparency, which will revolutionize securities markets. We’re pleased Wedbush is joining our pilot program and believe their participation will facilitate important network benefits for all participants.”
Wedbush joins Credit Suisse, Instinet, Societe Generale and other leading US banks in the Paxos Settlement Service, which currently operates under No-Action Relief from the Securities and Exchange Commission staff. Paxos will apply for full clearing agency registration and will grow the network to include more market participants.
About Wedbush Securities
Since our founding in 1955, Wedbush has been a leader in the financial services industry, providing our clients, both private and institutional, with a wide range of securities brokerage, wealth management, and investment banking services. Headquartered in Los Angeles, California with 100 registered offices and nearly 900 colleagues, the firm focuses on client service and financial safety, innovation, and the utilization of advanced technology.
Paxos is the first regulated blockchain infrastructure platform. Its products are the foundation for a new, open financial system that can operate faster and more efficiently. Today, trillions of dollars are locked in inefficient, outdated financial plumbing that is inaccessible to millions of people. Paxos is building a new system that allows assets to move instantaneously, anywhere in the world, at any time, in a trustworthy way.
Paxos uses technology to tokenize, custody, trade and settle assets. It offers crypto solutions for enterprises, crypto trading and settlement solutions for securities and commodities. Paxos customers include global enterprises PayPal, Bank of America, Credit Suisse, Societe Generale, StoneX and Revolut. Paxos is a top-funded fintech company with more than $540 million raised from leading investors including Oak HC/FT, Declaration Partners, Mithril Capital and PayPal Ventures. With offices in New York, London and Singapore, Paxos takes a global approach to modernizing the financial system.