Cryptocurrency company Paxos has announced it will apply for full clearing agency registration with the US Securities and Exchange Commission. The company plans to secure registration this year.
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The company's plans come after Paxos Credit Suisse and Instinet settled US stock trades using Paxos' settlement service. Today, it takes several days to settle a trade. If and when the SEC grants Paxos a clearing agency registration, the Paxos Settlement Service plans to provide the industry with flexibility around their settlement cycles. The company will also run multilateral netting processes in real-time to ensure efficient, fast and transparent net settlement of transactions.
Last December, Paxos completed a Series C funding round in which it had attracted $142 million. Participants in the round included PayPal Ventures, Declaration Partners, RIT Capital Partners and US investment banker Ken Moelis.
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