itBit team launches blockchain fintech Paxos, moves Bankchain under its cap

itBit team launches blockchain fintech Paxos, moves Bankchain under its cap

- in All News, Cryptocurrencies

The people behind bitcoin trading platform itBit said earlier this week they have launched a fintech for blockchain solutions under the brand name Paxos. itBit’s flagship service, Bankchain, has been migrated to be included in the offering of the new company.

As a result, itBit’s blockchain solutions will now be operated separately from its over-the-counter (OTC) and on-exchange BitCoin trading offering.

“Increasingly, the financial services industry is embracing the transformative potential of blockchain technology. Paxos is making that potential a practical reality,” said Paxos CEO Charles Cascarilla. “Our collaboration with Euroclear to create a trusted blockchain settlement infrastructure for gold is just the beginning, and an important first for the industry,” he added.

Bankchain is a cloud-based platform-as-a-service (PaaS) solution offering blockchain post-trade settlement to financial companies. It offers market participants reduced counterparty risk, lower capital requirements and increased operational efficiencies.

itBit was launched in 2013. The company operate through offices in new York, London and Singapore.

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