itBit Launches Its Blockchain-Based Service ‘Bankchain’ Under New Brand Named Paxos

Bankchain offers to reduce risk exposure and increase operational efficiency by delivering instantaneous transaction settlement.

Photo: itBit Trust Company, LLC.

Photo: itBit Trust Company, LLC.

Paxos, a financial technology company that focuses on revolutionary blockchain solutions for global financial institutions, has announced a new brand. A cloud-based platform-as-a-service solution, Bankchain, transforms post-trade market infrastructures and back office processes for customers.

PR Newswire informs that Bankchain used to be recognized under the itBit umbrella, but has become established as an offering under the Paxos brand.

Paxos collaborates with leading market participants and infrastructure providers such as Euroclear, which makes it possible to connect Bankchain with today’s existing settlement systems. Bankchain offers to reduce risk exposure and increase operational efficiency by delivering instantaneous transaction settlement.

“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.”

The partnership between Euroclear and itBit was announced in June 2016. The aim was to develop a next generation settlement service for the London gold market.

Traditionally, the process of unallocated gold settlement is rather capital-intensive. Euroclear and itBit aim to minimize risk leading to a reduced capital charge, deliver true delivery versus payment and reduce balance sheet constraints. The partnership is based on the itBit’s blockchain infrastructure technology and flagship product, the above-mentioned Bankchain. The Bankchain product uses the blockchain technology to facilitate and accelerate post-trade processes for financial institutions.

Euroclear is a trusted provider of post-trade services. The company has been working with leading financial institutions for more than 60 years helping settling domestic and cross-border securities transactions, safekeeping investments and managing the risks and exposures arising from transactions.

Paxos has put a very strong team together. With its leadership initially launched by itBit, Paxos current team consists of experienced financial services professionals with post-trade and market infrastructure expertise, leading technologists and engineers. The company is managed by CEO and Co-Founder Charles Cascarilla while its board of directors includes former FDIC chair Sheila Bair, former Senator Bill Bradley, former chair of the Financial Accounting Services Board Robert Herz and former chairman, president & CEO of Lotus Development Corporation Jim Manzi.

The company provides a strong presence in world’s most significant financial center – it has offices in New York, London and Singapore. And it continues to grow its staff and services across capital markets.

Paxos reveals that its name is inspired by a technical term meaning a process for reaching consensus. The company uses the name to emphasize its goal to employ innovative blockchain technology to transform the way global financial institutions work together.

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