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

“The adoption of the Bosnia and Herzegovina network continues to grow as the industry seeks to eliminate counterparty credit and liquidation risk.”

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

The working group includes a number of institutional custodians from around the world who make net settlements and payments for digital and fiat assets through a layer 2 layer chain.

The Financial Market Infrastructure Decentralization Company (IMF) has decided to set up the Working Group to help establish the protocol and best practices among custodians around the world on the Bosonic Network as part of the launch of the Net Cross Settlement Clearance Platform. Bosonic.

Rosario Ingargiola, CEO of Bosonic, said: “As the first in the industry and the only payment network versus independent payment settlement of the custodian in a layer 2 blockchain, we are excited to continue collaborating with a growing network of partners and customers. “As we implement Cross-Custodian Net Settlement, the adoption of the Bosonic Network continues to grow stronger as the industry seeks to eliminate the risk of credit and liquidation of counterparties.”

Vincent Chok, CEO of First Digital, added: “We are pleased to announce our partnership with Bosonic as we work together to break the silos and improve coordination with institutional partners in all regions. We look forward to working together to develop even more so the strength, quality and robustness of the digital asset infrastructure as we help unite the world of traditional and digital finance. “

Brad Scrivener, CEO of Vast Bank, commented: “One of our main promises to customers is that we are constantly changing, and the creation of this group means we are building that commitment to innovation. We are proud to support institutions working to increase liquidity, standardization and security with digital assets “.

Bosonic’s cross-custody net settlement platform supports:

  • negotiation and payments between institutional custodians with calculations and movements of net settlement,
  • Atomic burning and reallocation of offset amounts in the Layer 2 blockchain along with the physical movement of residual amounts for digital assets and fiat currencies in Layer 1 smart contracts
  • Interoperability with stablecoins relevant to fiduciary waste

The Bosonic Network is an infrastructure for institutional clients that connects to stock exchanges and market makers and allows for a pay-for-payment atomic exchange for instant settlement in a layer 2 blockchain operated by custodians of digital assets.

Bosonic recently launched a clearing and settlement solution for digital assets that eliminates reliance on bilateral credit or a central counterparty, the Decentralized Financial Market Infrastructure (IMF) announced.

Named Bosonic Enterprise Solutions, the service offers Bosonic’s Layer-2 blockchain solution designed to support instant pay-as-you-go (PvP) clearing and settlement of digital assets and fiat currencies that already support the Bosonic Network.

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

The solution is available as a Software-as-a-Service (SaaS) model or as a dedicated deployment model to meet the needs of customers who want to operate their own networking and marketing platforms.

Bosonic Enterprise Solutions allows Financial Market Infrastructure (IMF) customers, banks or stock exchanges to hold collateral in their own accounts in neutral, regulated custodians who use Bosonic technology to automate net settlement movements from trading.

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