Bank of America joins Paxos settlement blockchain platform

American financial conglomerate Bank of America has joined Paxos Settlement Service — a blockchain platform for the settlement of securities. This is according to Bloomberg.

The service will allow Bank of America to settle trades in the same day, whereas the standard US equity settlement process normally takes two days.

Earlier, Credit Suisse, Societe Generale, and the Instinet broker, a unit of Nomura Holdings of Japan, expressed interest in the platform.

In July 2020 Paxos launched the Crypto Brokerage service, enabling companies to integrate the processes of buying and selling digital currencies into their own business processes. Its first client was Revolut US, the fintech startup’s US unit.

In the same month, media reported that payments giant PayPal chose Paxos to manage its cryptocurrency assets under a new service.

At the end of the year the company filed with the Office of the Comptroller of the Currency, as part of the U.S. Department of the Treasury, an application for a license to operate as a nationwide trust bank. The regulator granted Paxos conditional approval in April 2021.

The company had previously announced plans to obtain the clearing agency license by the end of 2021.