BofA Joins Paxos Blockchain Stock-Settlement Network
- The lender is the largest addition so far to the Paxos system
- Potential for real-time settlement threatens DTCC’s dominance
Photographer: Jeenah Moon/Bloomberg
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Bank of America Corp. joined the network created by Paxos Trust Co. to settle stock trades in minutes rather than days by using blockchain, the latest sign of Wall Street’s growing adoption of the technology.
The second-biggest U.S. bank joins Credit Suisse Group AG and Nomura Holdings Inc.’s Instinet on the Paxos Settlement Service. In 2019, the Securities and Exchange Commission allowed Paxos to begin a pilot program for settling equity trades.