US broker Wedbush joins Paxos's blockchain settlement network for stocks

Wedbush Securities, the U.S. broker and wealth manager with over $20 billion in assets under management, has joined Paxos's blockchain settlement network for equities.

Announcing the news on Thursday, Wedbush said Paxos Settlement Service is a faster and more efficient way to settle stock trades. Using a private and permissioned blockchain network, Paxos lets two parties settle stock trades with each other on the same day.

Traditionally, equity settlement takes T+2 (trade date plus two days) and T+0 or same-day settlement for trades that occur before 11 am ET. Paxos Settlement Service, however, facilitates settlement on any time cycle.

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