R3 partners with London-based Archax to manage post-trade activites
Enterprise blockchain software firm, R3, has signed a partnership with London-based institutional digital securities exchange, Archax, on 18 October. In accordance with the partnership, R3 will not only handle Archax’s post-trade activities on a distributed ledger, but will also build its infrastructure to reduce friction in the post-trade process.
CEO of Archax Graham Rodford welcomed the partnership, commenting that the company’s current systems and partnerships provide the core functionality to its exchange. R3’s Corda will enable the company in the last leg of its service, providing post-trade solutions. Rodford added,
“R3, with its Corda product, provides the final piece of the puzzle on which we can build a truly revolutionary post-trade solution.”
The CEO called the company “blockchain agnostic” for digital security issuances and according to him, R3’s permissioned blockchain solution used by various blue-chip organizations made it the perfect fit for the company.
The CEO added,
“This partnership will deliver the blockchain efficiency gains for financial markets that are so often talked about, and we believe will be the first of its kind.”
Rodford highlighted the current post-trade process in the traditional financial market and called it “hugely inefficient,” with the involvement of several intermediaries. With R3, Archax can revolutionize this inefficient process, removing friction and streamlining activities to “improve efficiency and reduce cost,” he said.
R3 has been making strides when it comes to partnerships with leading organizations. Its previous strategic partnership with Mastercard piloted a new blockchain-enabled cross-border payments solution. Intended to connect global faster payments infrastructures, schemes and banks, the partnership is central to the company’s ambition of developing an evolved cross-border B2B payment solution.
OhNoCrypto
via https://www.ohnocrypto.com
Namrata Shukla, Khareem Sudlow
