“The adoption of the Bosonic Network continues to strengthen as the industry seeks to eliminate counterparty credit and settlement risk.”
Bosonic has launched a cross-custodian net settlement (CCNS) working group with many of the industry’s leading digital asset depositories, 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 number of institutional custodians from around the world that make settlements and net payments for digital and fiat assets via a Level 2 blockchain.
Decentralized firm Financial Market Infrastructure (dFMI) decided to create the working group to help establish the protocol and best practices among depositories around the world on the Bosonic network as part of the launch of the net settlement platform between custodians by Bosonic.
Rosario Ingargiola, Chief Executive Officer of Bosonic, said: “As first in the industry and as the only payment network over custodian-independent payment settlement on a functioning Level 2 blockchain, we are excited to further collaborate with a growing network of partners. and clients around the world as we launch the Cross-Custodian Net Settlement. The adoption of the Bosonic Network continues to strengthen as the industry seeks to eliminate counterparty credit and settlement risk. “
Vincent Chok, Chief Executive of First Digital, added: “We are delighted to announce our partnership with Bosonic as we work together to break down silos and improve coordination with institutional-level partners across all regions. We look forward to working together to further develop the strength, quality and robustness of the digital asset infrastructure as we help connect the worlds of traditional and digital finance. “
Brad Scrivener, Chief Executive Officer of Vast Bank, commented, “One of our main promises to clients is that we are embracing constant change and the creation of this group means we are building this commitment to innovation. We are proud to support institutions by working to increase liquidity, standardization and security with digital assets. “
Bosonic’s cross-custodian net settlement platform supports:
- institutional cross-custody trading and payments with calculations and net settlement movements,
- Atomic burn and reallocation of cleared quantities on Layer-2 blockchain along with physical movement of residual quantities for digital assets and fiat currencies on Smart Contract Layer-1
- Interoperability with stablecoins relevant for fiat residues
The Bosonic network is an infrastructure for institutional clients that connects to exchanges and market makers and allows for an atomic pay-for-pay exchange for instant settlement on a Level 2 blockchain managed by digital asset custodians.
Bosonic recently launched a clearing and settlement solution for digital assets that removes dependency on bilateral credit or a central counterparty, the Decentralized Financial Market Infrastructure (dFMI) announced.
Called Bosonic Enterprise Solutions, the service provides Bosonic’s Layer-2 blockchain solution designed to support instant pay-to-pay (PvP) clearing and settlement of digital assets and fiat currencies that already underpin the Bosonic network.
Bosonic said financial market infrastructure regulated organizations and banks looking to roll out digital asset capabilities have shown interest in such a clearing and settlement solution, as well as digital asset exchanges that need post-clearing and settlement technology. – negotiation to eliminate counterparty credit and settlement risk.
The solution is available as a Software-as-a-Service (SaaS) model or as a dedicated deployment model to meet the needs of customers looking to manage their networks and market platforms.
Bosonic Enterprise Solutions enables Financial Market Infrastructure (IMF) clients, banks or stock exchanges to maintain collateral on their accounts with regulated and neutral custodians who use Bosonic technology to automate net settlement movements from trading.