Paxos says its approval as a blockchain-focused clearing agency represents a “critical piece of financial market infrastructure” as Wall Street becomes more interested in crypto.
Blockchain infrastructure platform and stablecoin issuer Paxos says it has become the first “blockchain-native” firm that the US Securities and Exchange Commission has granted registration as a clearing agency.
Paxos said on Thursday that its subsidiary, Paxos Securities Settlement Company, has become “the only blockchain-native firm” that the SEC approved to provide clearing and settlement services as a central securities depository in the US.
The approval represents a “critical piece of financial market infrastructure” as blockchain technology and traditional capital markets continue to converge, the company added.
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