INTL FCStone will be using the startup’s Paxos Confirmation Service to automate its trade confirmations.
INTL FCStone, a global provider of financial services, has started using technology from Paxos, a Blockchain and cryptocurrency startup, to automate its trade confirmations. The firm will use the Paxos Confirmation Service for its precious metals division at its London unit, Paxos announced on Wednesday.
Paxos' confirmation service is a system built to address the post-trade needs of the precious metals market. Specifically, the service claims to automate trade confirmations, which can reduce human error and reconcile trades immediately.
Speaking to Finance Magnates Seth M. Phillips, Executive Director at Bankchain Precious Metal, part of Paxos, said: "through Paxos Confirmation Service, INTL FCStone can eliminate thousands of manual tasks every day while improving operational precision."
“INTL FCStone and its counterparties can electronically match trade economics almost instantaneously after booking through a simple Web interface or more sophisticated API access. Both firms get the benefit of knowing trades are either captured correctly or problems are quickly identified and resolved."
"This service is for confirming trades. We will be releasing products in the future that will help with further steps of post-trade processes, including settlement via blockchain."
The firm will use the technology to confirm the thousands of trades it executes on a daily basis. In addition, the service will allow the company and its counterparties to quickly match trade economics electronically after booking.
Commenting on the partnership, Charles Cascarilla, the CEO of Paxos, noted: "Our mission has been to build products that simplify post-trade, freeing up capital and decreasing cost. This is an important milestone as the first stage of our settlement offering goes into live production by serving such a trusted partner as INTL FCStone and its counterparties."
The startup was founded in 2012 as Bitcoin exchange itBit. Through itBit, the firm offers exchange and custody services for Ether, Litecoin, Stellar Lumens and Bitcoin Cash. The service also aims at emerging cryptocurrencies, by using its own virtual currency exchange. Following its launch, the company shifted its focus to providing services using blockchain and rebranded to Paxos.
However, the company is seeking to revive the crypto side of its business. This is due to the rise in popularity of cryptocurrencies. Earlier this year in June, Finance Magnates reported that Paxos received additional approvals from the New York Department of Financial Services to expand its services to include Ether, Litecoin, Stellar Lumens and Bitcoin Cash on its crypto exchange. This added on to its previous approvals to offer bitcoin custody and trading services.
INTL FCStone, a global provider of financial services, has started using technology from Paxos, a Blockchain and cryptocurrency startup, to automate its trade confirmations. The firm will use the Paxos Confirmation Service for its precious metals division at its London unit, Paxos announced on Wednesday.
Paxos' confirmation service is a system built to address the post-trade needs of the precious metals market. Specifically, the service claims to automate trade confirmations, which can reduce human error and reconcile trades immediately.
Speaking to Finance Magnates Seth M. Phillips, Executive Director at Bankchain Precious Metal, part of Paxos, said: "through Paxos Confirmation Service, INTL FCStone can eliminate thousands of manual tasks every day while improving operational precision."
“INTL FCStone and its counterparties can electronically match trade economics almost instantaneously after booking through a simple Web interface or more sophisticated API access. Both firms get the benefit of knowing trades are either captured correctly or problems are quickly identified and resolved."
"This service is for confirming trades. We will be releasing products in the future that will help with further steps of post-trade processes, including settlement via blockchain."
The firm will use the technology to confirm the thousands of trades it executes on a daily basis. In addition, the service will allow the company and its counterparties to quickly match trade economics electronically after booking.
Commenting on the partnership, Charles Cascarilla, the CEO of Paxos, noted: "Our mission has been to build products that simplify post-trade, freeing up capital and decreasing cost. This is an important milestone as the first stage of our settlement offering goes into live production by serving such a trusted partner as INTL FCStone and its counterparties."
The startup was founded in 2012 as Bitcoin exchange itBit. Through itBit, the firm offers exchange and custody services for Ether, Litecoin, Stellar Lumens and Bitcoin Cash. The service also aims at emerging cryptocurrencies, by using its own virtual currency exchange. Following its launch, the company shifted its focus to providing services using blockchain and rebranded to Paxos.
However, the company is seeking to revive the crypto side of its business. This is due to the rise in popularity of cryptocurrencies. Earlier this year in June, Finance Magnates reported that Paxos received additional approvals from the New York Department of Financial Services to expand its services to include Ether, Litecoin, Stellar Lumens and Bitcoin Cash on its crypto exchange. This added on to its previous approvals to offer bitcoin custody and trading services.
EU Parliament Imposes €10,000 Cash Payment Limit in New Anti-money Laundering Legislation
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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