Bosonic launches cross-custodian net settlement working group with crypto ecosystem

Rick Steves

“The adoption of the Bosonic Network continues to go from strength to strength as the industry looks to eliminate counterparty credit and settlement risk.”

Bosonic has launched a cross-custodian net settlement (CCNS) working group with several of the industry’s leading digital asset custodians, exchanges and banks, including First Digital in Hong Kong, Tetra Trust in Canada and Vast Bank in the United States.

The working group includes a range of institutional custodians from around the world undertaking net settlements and payments for digital assets and fiat via a layer-2 blockchain.

The decentralized Financial Market Infrastructure (dFMI) business decided to create the Working Group to help establish the protocol and best practice between custodians around the world on the Bosonic Network as part of the launch of Bosonic’s Cross-Custodian Net Settlement platform.

Working to increase liquidity, standardization, and security with digital assets

Rosario Ingargiola, Chief Executive Officer at Bosonic, said: “As an industry first, and as the only custodian-agnostic payment versus payment settlement network on a working layer-2 blockchain, we are excited to further collaborate with a growing network of partners and clients across the world as we roll-out Cross-Custodian Net Settlement. The adoption of the Bosonic Network continues to go from strength to strength as the industry looks to eliminate counterparty credit and settlement risk.”

Vincent Chok, Chief Executive Officer of First Digital, added: “We’re pleased to announce our collaboration with Bosonic as we work together to break down silos and enhance coordination with institutional-grade partners across regions. We’re looking forward to working together to further develop the strength, quality and robustness of digital asset infrastructure as we help bridge the worlds of traditional and digital finance.”

Brad Scrivener, Chief Executive Officer of Vast Bank, commented: “One of our core promises to customers is that we are embracing constant change, and the establishment of this group signifies that we are building on that commitment to innovation. We’re proud to be supporting institutions by working to increase liquidity, standardization, and security with digital assets.”

Bosonic’s cross-custodian net settlement platform supports:

  • institutional cross-custodian trading and payments with net settlement calculations and movements,
  • Atomic burn and reallocation of netted quantities on Layer-2 blockchain together with physical movement of residual quantities for digital assets and fiat currencies on Layer-1 Smart Contracts
  • Interoperability with relevant stablecoins for the fiat residuals

The Bosonic Network is an infrastructure for institutional clients that connects to exchanges and market makers, and enables a payment versus payment atomic swap for instantaneous settlement on a layer-2 blockchain operated by digital asset custodians.

Bosonic Enterprise Solutions

Bosonic has recently launched a clearing and settlement solution for digital assets that removes the dependency on bilateral credit or a central counterparty, the decentralized Financial Market Infrastructure (dFMI) announced.

Going by the name of Bosonic Enterprise Solutions, the service provides Bosonic’s Layer-2 blockchain solution designed to support payment versus payment (PvP) instantaneous clearing and settlement of digital assets and fiat currencies that already underpins the Bosonic Network.

Bosonic said regulated financial market infrastructure organizations and banks looking to launch digital asset capabilities have shown interest in such a clearing and settlement solution, as well as digital asset exchanges in need of post-trade clearing and settlement technology to eliminate counterparty credit and settlement risk.

The solution is available either as Software-as-a-Service (SaaS) model or a  dedicated deployment model to suit the needs of clients that want to operate their own networks and market platforms.

Bosonic Enterprise Solutions enables clients of Financial Market Infrastructure (FMIs), banks or exchanges to maintain collateral in their own accounts at regulated, neutral custodians that use Bosonic’s technology to automate net settlement movements from trading.

 

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