We are excited to announce that INTL FCStone Ltd’s Precious Metals Division is now using Paxos Confirmation Service, a tool we designed specifically for the post-trade needs of the precious metals market. Over the past two years, we’ve been developing solutions for the precious metals market, and it’s exciting to see the first one achieve lift-off. The new product automates trade confirmations, reducing errors and securing instantaneous reconciliation. INTL FCStone will use Paxos Confirmation Service to confirm the thousands of trades it executes daily, thus eliminating thousands of manual tasks while improving operational precision. INTL FCStone is known to be innovative in its space, and they’ve been a terrific partner as we worked together to design a service that could truly advance the way they work.
Confirmation matching is the initial offering from our broader suite of products, which will use blockchain technology to simplify other post-trade processes including settlement for both sides of trades. We’ll also bring these and other products to additional commodities, FX and other markets.
You can read more about our milestone in Forbes.