Andrew Chang is the COO of two exciting and promising businesses: itBit and Paxos.
Since 2013, itBit has been operating as a cryptocurrency custody service and exchange that is now fully regulated as a New York state trust. As a regulated institution by the New York Department of Financial Services, itBit has the ability to move cash and assets at the same time, which is something that other exchanges are unable to do.
Paxos is a soon-to-be-launched private blockchain-based clearing and settlement platform that’s designed to address the many concerns surrounding public blockchains and provide companies and banks with an alternative. A private blockchain allows for the addition of customizable assets and greater control in a closed network. On the Paxos platform, assets will be digitized and tokenized, with the confirmation and settlement details of every trade being carried out over the Paxos blockchain.
“We are trying to reduce settlement risk and costs as we reduce settlement times to nearly instantaneous. Right now it takes multiple days to clear and settle a transaction, which means there is capital that is trapped for regulatory holding purposes, additional costs associated with manual processes, and people dealing with confirmation mismatches,” says Chang.
The benefits being offered by both itBit and Paxos are numerous. To learn more, visit itbit.com and paxos.com.