Paxos, the first regulated blockchain infrastructure platform, today announced it has enabled silver, platinum and palladium on the Paxos Settlement Service for commodities and now services all precious metals.
Paxos is the first company to facilitate simultaneous, zero-risk settlement of cash and commodities trades. By streamlining operations onto a single platform, institutional clients manage settlement of traditional and digital trades seamlessly from one system.
Anoushka Rayner, Head of Commodities Growth at Paxos, commented, “The technology powering commodities markets must be upgraded as institutions need to reduce settlement risk, achieve greater efficiencies and innovate to create new products that reach new customers. The Paxos Settlement Service unlocks capital trapped in intraday settlement by facilitating simultaneous settlement of cash and commodities. It also offers long-term value by upgrading critical back-office infrastructure that has historically stalled growth of this trillion-dollar market. By introducing more assets and functionality to the platform, Paxos is transforming settlement and improving the daily workflow for our global clients.”
Paxos uses blockchain based solutions to drive innovation in financial market infrastructure. In the near-term, Paxos will introduce critical functions like multilateral payment netting and will also enable settlement of additional currencies.
