Joining the Paxos Settlement Service could allow many Bank of America customers to settle stock trades in minutes rather than days.
The second-largest bank in the United States is now reportedly using blockchain technology for settling stock trades.According to a Bloomberg report on Monday, Bank of America has joined Paxos Settlement Service, a platform capable of same-day settlement of stock trades using blockchain technology. Kevin McCarthy, head of financing and clearing, said the bank “has been conducting internal transactions for the past few months” and would offer the service to Bank of America clients upon approval as a clearing agency.The move would reportedly allow for a “more flexible and speedier” stock settlement system compared with that of the Depository Trust & Clearing Corporation, or DTCC, in which Bank of America is a direct participant. The DTCC settlement time is roughly two days, whereas Pax
Attitudes to CBDCs differ widely from country to country, surveys show
A recent poll shows that support for CBDCs is stronger in emerging markets than in nations with solid…
