Financial technology firm Paxos has formed a partnership with INTL FCStone Inc’s precious metals division. The department will now be using Paxos Confirmation Service – a tool built specifically for the precious metals arena – to instantly automate daily trade confirmations and reduce human error.Using this blockchain-powered trust, Paxos seeks to unlock capital and create value with products that eliminate trade risk, while INTL FCStone provides market intelligence, post-trade services and financial services execution throughout the global financial market. The company boasts over 20,000 customers in approximately 130 different countries and is headquartered in New York City. Chad Cascarilla is the CEO and co-founder of Paxos. Speaking with Bitcoin Magazine, he says that the precious metals industry is prone to many of the same issues one finds with traditional banking institutions. “Many of the processes that the precious metals industry uses today to confirm and settle trades are manual and prone to human error,” he explains. “Today, confirmations, metal transfer instructions and wire instructions are sent via email, which is notoriously bad for information security. Email is rarely encrypted, and a simple keystroke error can cause an email to be sent to the wrong recipients, so information is very vulnerable.” He further states that the timeframe in which precious metals move or transfer is usually ...
