The Wall Street Blockchain Alliance (WSBA), a non-profit trade association, has announced that OTC Exchange Network (OTCXN) has joined the organisation as a corporate member.
OTCXN is utilising blockchain technologies and smart contracts for its peer-to-peer trading network, which will launch initially for the global foreign exchange market.
OTCXN’s trading platform uses proprietary blockchain and smart contract technology to provide transparency and operational controls to enable safe and secure trading directly between counterparties, even if they are not known to one another. As a result, counterparties will no longer be required to establish credit arrangements with prime brokers – a process that can take as long as eighteen months to complete – in order to participate in the FX marketplace.
Ron Quaranta, Chairman and Founder, WSBA stated: “We are delighted to have OTC Exchange Network join the Alliance. OTCXN’s innovative use of blockchain technology throughout the entire lifecycle of a transaction helps facilitate discussions outside of post trade settlement and clearing, and showcases its utility for a number of markets currently evaluating the technology. We are looking forward to OTCXN’s contributions to a number of WSBA member activities and involvement in our focused working groups.”
Meanwhie, Rosario M. Ingargiola, CEO and Founder, OTC Exchange Network added: “With WSBA serving as a neutral, unbiased steward of education and cooperation between Wall Street firms, we look forward to meeting like-minded individuals from investors to practitioners to regulators, and playing a part in broadening their horizons regarding the utility of blockchain technology.”