Wedbush Securities has announced that it has joined Paxos’ blockchain network. The privately held American investment firm is estimated to have about 6000 clients under its management and believed to control about $2.4 billion currently. The firm stated earlier this year that Tesla’s stance on bitcoin would influence more institutions to adopt cryptocurrencies.
Wedbush indicated that its choice Paxos offers a faster and more efficient way of settling stock trades. Paxos has made a name for itself in the crypto world through its wide variety of related services including; Providing custodial services for digital assets, Providing technology to facilitate moving virtual assets on any blockchain, and Oversight for trading, settling, and managing assets.
Wedbush joins other major crypto players such as the Bank of America, Societe Generale, Nomura’s Instinet, and Credit Suisse to become the fifth to join the blockchain network.
With two more open slots to fill on the blockchain network, their final two investors remain a subject of much speculation. The U.S. Securities and Exchange Commission limited the company’s blockchain to only 7 slots to its settlement network through a no action relief.
It further stated that only publicly traded and registered equity securities would be eligible to join the network. The terms of the no action relief also dictate that Paxos must have an average daily volume of not more than 300 trades executed between each potential counter party pair on approved trading venues.