WadzPay taps Bosonic for crypto liquidity with no counterparty credit or settlement risk
The platform runs real-time payment vs payment (PvP) atomic execution and settlement, with cross-margining, cross-custodian net settlement, and payments.
Blockchain payments company WadzPay has chosen Bosonic to support the delivery of a point-of-sale (POS) capability with integrated crypto conversion that leverages Bosonic’s global network of liquidity.
Bosonic is a decentralised Financial Market Infrastructure (dFMI) boasting a proprietary payment vs. payment (PvP) technology that eliminates counterparty credit and settlement risk.
Bosonic to power WadzPay’s crypto-to-fiat conversion
WadzPay was founded in 2018 in Singapore and is currently operating in Southeast Asia, South Asia, the Middle East, Africa and The United States.
The deployment of Bosonic’s infrastructure will enable WadzPay to provide a crypto-to-fiat conversion as part of its POS solution for blockchain payments.
Jason Nabi, CRO of Bosonic, said: “We are delighted to have been selected by WadzPay as their core infrastructure partner in POS crypto conversion. By accessing the Bosonic Network for crypto liquidity and risk-free transactions across our Layer-2 infrastructure, it enables WadzPay and their merchant clients to eliminate the need for bilateral credit and settlement risk in the digital asset markets.”
Anish Jain, Founder & Group CEO of WadzPay, commented: “The Bosonic team and technology provide a great partnering opportunity to support the WadzPay vision as we expand our global use cases to offer merchant acquirers a scalable, cost-effective, risk-free and instantaneous POS digital currency payments solution. I look forward to a long successful partnership.”
Founded in 2016 and headquartered in San Francisco, Bosonic enables tokenisation of assets and collateral, provides liquidity aggregation and DMA to Exchanges and Market-Makers.
The platform runs real-time payment vs payment (PvP) atomic execution and settlement, with cross-margining, cross-custodian net settlement, and payments.
The firm provides a white label SaaS solution for other regulated FMI, banks and brokerages with digital asset offerings.
Bosonic’s clearing and settlement solution for digital assets
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.
