Bank of America joins digital platform
Against the background of the sparkling events of the current May, the cryptoindustry continues to present many surprises. For example, today it became known that Bank of America is joining the Paxos blockchain platform. This is a phenomenal success for both Paxos and the industry as a whole. Below we will tell you everything you need to know about this event and its role in the future of the Blockchain. So let’s get started.
What is Paxos
First, it doesn’t hurt to learn more about the project, which is supported by the leading structure of the American financial system. That is why first we will remind you that Paxos is a rather loud, well-known company. The full name of the company sounds like Paxos Settlement Service. The project deals with the settlement of securities of the largest organizations. That is why Bank of America supported the development of the firm and became a partner. Based on the available information, it is known that the representatives of the National Bank were impressed by the opportunity to carry out a variety of transactions almost instantly. Note that earlier the operation on the stock market took at least two days. But now, thanks to advanced technology, everything is about to change.
Paxos is also dedicated to creating flexible tools for a wide variety of businesses. Including related to securities. Together with the functionality of this company, each entrepreneur will be able to automate the interaction with securities. Thus, many processes will become faster, more convenient and more efficient. The development has already found support from such large companies as Credit Suisse, Societe Generale and Instinet. Both European, American and Japanese enterprises cooperate with the service. But we are more interested in starting a partnership with Bank of America. Let’s discuss the perspectives of these organizations in the relevant section.
How is Bank of America integrating into the industry?
This is, without exaggeration, an epoch-making event that is taking place right before our eyes. After all, earlier American government agencies spoke ambiguously about the digital economy and the Blockchain in particular. For example, US intelligence recognized the inevitability of the transition to a digital standard. But the administration of the former and current President of the United States relentlessly oppresses the largest platforms in this area in America. However, now, after the statement of Bank of America, all doubts are dispelled.
America is on the cusp of amazing change. The usual, age-old operations of the stock market will become much faster and more productive. That will certainly delight ordinary users. As well as serious players in this field. And it is quite clear that the move by Bank of America is stimulating many other companies to work hard to master the blockchain. A wonderful, positive trend is expected, which will affect the rate of large coins in the corresponding vein.
Paxos is serious. Representatives of the organization have many times noted and explained the scale of their plans for development in several directions at once. Including advanced digital platforms. Which will become partners of both Paxos and, quite possibly, Bank of America.
It remains only to wait. We have no doubt that many states will follow the example of the United States and also take up the development of the Blockchain. It’s just a matter of a short time. The main thing in such an interesting situation is to follow the news of the cryptoindustry. To stay up to date with the latest developments in the world of Blockchain and advanced technologies, read our articles. We publish only high-quality, interesting material. Thanks for attention. Good luck!