Business Wire

OTC Exchange Network Completes Live Test Trade of Fiat and Cryptocurrency

Del

OTC Exchange Network, Inc. ("OTCXN"), a blockchain-powered capital markets infrastructure company, today announced that it completed its first live test trades, which it believes to be the world’s first exchange of tokenized US Dollars and tokenized Bitcoin between two separate trading accounts over an electronic trading platform with assets held in safekeeping at a neutral custodian and digitized on blockchain.

Today, institutional traders conduct block trades of fiat currency and cryptocurrency over e-mail and chat, relying on the reputation and credibility of their counterparties to honor their part of the trades, often taking hours to confirm and settle. The OTCXN platform removes trading counterparty and settlement risk with an atomic exchange of assets on high-performance blockchain and facilitates settlement of transactions instantly, not in hours or days.

Custodians on the OTCXN network use the provided solution to create unique, private blockchain ledgers to represent assets they safekeep on behalf of traders on the OTCXN network. Counterparties’ trades over OTCXN’s block trading platform are enforced by real-time pre-trade credit checks against provable assets on the custodian blockchain ledgers. Trading entities on the OTCXN network use the provided solution to interact directly with the custodian for issuance and redemption of their digital assets. The test trades were conducted using two separate accounts maintained at an escrow services company by OTCXN, one account holding US dollars and the other holding Bitcoin. Volantis Escrow Platform LLC served as the custodian.

“We are profoundly excited to participate in this, the first trade of its kind,” said Barry Thompson, Managing Partner of Volantis Escrow. “We believe that OTCXN’s platform will transform the marketplace, by enabling assured and transparent execution, becoming a trusted cornerstone driving the maturation of the fiat and crypto markets.”

“We believe this is a world first,” said Rosario M. Ingargiola, founder and Chief Executive Officer of OTCXN. “We’ve received dozens of inquiries from trading firms and custodians about our launch date. I’m thrilled that our live test trades were a success and that we’ll soon bring our solution to the market. An independent custodian used OTCXN’s solution for custodians to digitize both fiat and crypto, and these assets were exchanged instantly without trading counterparty or settlement risk.“

OTCXN’s first product delivers end-to-end OTC block trading capabilities for trading fiat vs. crypto, crypto vs. crypto and fiat vs. fiat, all for delivery with instant settlement. OTCXN plans to launch a public beta on July 9, 2018.

About OTCXN

OTC Exchange Network (“OTCXN”) is a capital markets infrastructure company using proprietary blockchain technology to eliminate the need for traditional intermediaries and trust between trading counterparties, reducing the risk, friction, and cost of trading. www.otcxn.com @OTCXN

Contact information

Robert Ferri Partners
Robert Ferri, 415-575-1589
robert.ferri@robertferri.com

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982http://www.businesswire.co.uk

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

Prima Solutions Expands Product Offering and Geographical Reach Through the Acquisition of ICOD Inc.24.9.2018 08:00Pressemelding

As part of its continuing growth strategy, Prima Solutions (Prima), the premier software platform for Property and Casualty insurers, has agreed to acquire ICOD Inc. (ICOD), the Canadian provider of software solutions for Life and Health insurance. Recognized as an established leader with its SN Assurance suite, ICOD offers a best-in class solution deliverable in SaaS or on premise. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180924005019/en/ The transaction, which closed on September 20th, accelerates Prima’s expansion into the Life and Health insurance market which is still largely using legacy technologies. The ICOD acquisition offers many synergies including: complementing Prima’s existing product offering, diversifying its customer base and expanding the platform for rapid growth in both Europe and North America. Hugues Delannoy, Chairman of Prima Solutions, said: "This acquisition provides a unique opportunity to ac

GE Renewable Energy Launches Cypress Onshore Wind Platform, Designed to Grow, Adapt, Thrive and Lower the Cost of Electricity for Customers24.9.2018 07:00Pressemelding

GE Renewable Energy (NYSE:GE) today launched its new onshore turbine platform, named Cypress, and the next model from that platform, GE’s 5.3-158 turbine. The platform advances the proven technology of GE’s 2MW and 3MW fleets, which serves an installed base of nearly 20GW, while also utilizing architecture and innovations from the 4.8-158 turbine introduced in 2017. Cypress enables significant AEP improvements, increased efficiency in serviceability, improved logistics and siting potential, and ultimately more value for customers. It is designed to scale over time, enabling GE to offer a wider array of power ratings and hub heights to meet customer needs throughout the 5MW range. The platform also offers up to a 50 percent increase in AEP over the life of the platform versus GE’s 3MW turbines. It is the second major technology platform launch of the year for GE, which introduced the Haliade-X offshore turbine platform in March. This press release features multimedia. View the full rele

MarketSight Now Available in Six Languages24.9.2018 06:30Pressemelding

MarketSight, LLC, a leading provider of data analysis and visualization solutions, has just introduced its award-winning solution in several new languages in its version 11.0 release. Originally available only in English, MarketSight is now being offered in French, German, Italian, Portuguese, and Spanish. MarketSight has always offered support for data in any language. With this new release, it becomes one of the only data analysis and visualization platforms for researchers offered with multiple language options. In addition to making MarketSight accessible to new users whose first language is not English, this new release also gives multilingual teams the ability to collaborate much more efficiently. Market research teams, consulting firms, and other global enterprises working in different languages can work on projects simultaneously while using MarketSight in the language they are most comfortable with. They can also share important findings with international clients through the

Cytox Expands Collaboration with AIBL to Identify Those Most at Risk to Rapidly Progress to Alzheimer’s24.9.2018 05:00Pressemelding

Cytox, a precision medicine company which today is commercializing polygenic risk scoring (PRS) approaches for assessing genetic risk for developing Alzheimer’s disease (AD) and other neurological diseases, has announced it has expanded its research collaboration with the Australian Imaging, Biomarker & Lifestyle Flagship Study of Ageing (AIBL) to test new algorithms for identifying the pre-symptomatic and mild cognitively impaired people most at risk to progress to AD. Under the expanded agreement Cytox will assess genetic risk for accelerated development of AD using its current, commercially available, research use only approaches developed to run on the Thermo Fisher Scientific Applied Biosystems™ GeneTitan™ Multi-Channel (MC) instrument platform. AIBL will provide biobank samples together with associated longitudinal data from study research participants clinically diagnosed as cognitively normal, with mild cognitive impairment or with AD. Each subject has confirmed amyloid status

American Airlines Announces Nonstop Philadelphia (PHL) to Orlando Melbourne (MLB)21.9.2018 22:13Pressemelding

Glorious beaches by day and theme park fireworks by night just got more convenient for Philadelphia travelers. American Airlines announced today that it will begin nonstop flights to Orlando Melbourne International Airport (MLB) starting February 16, 2019. The Central Florida airport is conveniently located in the heart of the tourism region and is the closest airport to NASA rocket launches, Port Canaveral’s cruises and what critics call “some of the most beautiful beaches Florida has to offer.” The flights will depart Saturdays from Philadelphia at 8:05 a.m., arriving in Florida at 10:48 a.m. The Embraer 175 jet arrival time syncs perfectly with cruise ship noon early boarding. Melbourne Airport Express offers nonstop shuttle service to the port, and all major rental car companies are onsite. The return flight to PHL departs at 11:24 a.m. and arrives in PHL at 1:55 p.m., with enough time to connect to some of American’s largest international destinations, including recently announced

Amy Palladino Joins BCW as Executive Vice President, Managing Director, Corporate Practice21.9.2018 17:43Pressemelding

BCW (Burson Cohn & Wolfe), a leading global communications agency, today announced that Amy Palladino has joined the agency as Executive Vice President, Managing Director in the agency’s U.S. Corporate Practice. Based in New York, Palladino will focus on senior client counsel and executive positioning for the agency’s largest corporate clients. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20180921005507/en/ Amy Palladino Joins BCW (Burson Cohn & Wolfe) “Amy is a talented and highly experienced communications executive with a track record of solving clients’ complex challenges and building business through smart, integrated communications approaches,” said Chris Foster, President, North America, BCW. “Her creativity and judgement will be enormously valuable to our current and prospective clients.” Palladino has more than 20 years of experience advising global clients across numerous industries, including technology, healthcar