New York-based Coinsetter has unveiled its Project High Line, which aims to use the blockchain itself to settle trades quickly and transparently.
The feature may be more relevant for a broker like Coinsetter, which recently began offering post-trade settlement for qualified accounts.
The exchange sought to improve what it considered an outdated and opaque system still used on Wall Street, where it takes numerous intermediaries to reassign ownership over a period of several days.
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With High Line clients buying or selling bitcoin will have a “line-of-sight view” of their funds on the blockchain after trades are executed.
Jaron Lukasiewicz, CEO of Coinsetter, said, “Coinsetter’s Project High Line is an important application of blockchain technology that reforms outdated clearing and settlement rails, just as the High Line Park, built over outdated railway infrastructure, has forever revitalized downtown New York City and increased its value.”
Only a few days ago, Germany-based bitcoin exchange bitcoin.de became the first to release real-time settlement of bitcoin trades using its integration with Fidor Bank.
That integration happens to not make use of blockchain technology. Also recently, however, Bitcoin Foundation became one of the first to apply blockchain technology toward decentralized applications, using it for the runoff vote to fill the vacant board seats.