The Wall Street Blockchain Alliance (WSBA), the American distributed ledger technology advocacy group, has announced that OTC Exchange Network (OTCXN) has joined the organization as a corporate member.

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Ron Quaranta, Chairman and founder of the WSBA, states: “We are delighted to have OTC Exchange Network join the Alliance. OTCXN’s innovative use of blockchain technology throughout the entire lifecycle of a transaction helps facilitate discussions outside of post trade settlement and clearing, and showcases its utility for a number of markets currently evaluating the technology. We are looking forward to OTCXN’s contributions to a number of WSBA member activities and involvement in our focused working groups.”

OTCXN was founded by electronic trading and e-FX technology expert Rosario M. Ingargiola, founder of FXone. The trading platform leverages proprietary blockchain and smart contracts technology with the aim of providing transparency and operational controls to enable safe and secure trading directly between counterparties, even if they are not known to one another. With it counterparties will no longer have to establish credit arrangements with prime brokers.

Ingargiola adds: “With WSBA serving as a neutral, unbiased steward of education and cooperation between Wall Street firms, we look forward to meeting like-minded individuals from investors to practitioners to regulators, and playing a part in broadening their horizons regarding the utility of blockchain technology.”