Decentralised financial market infrastructure Bosonic has rolled out a clearing and settlement capability for digital assets, removing the dependency on bilateral credit or a central counterparty.
Named Bosonic Enterprise Solutions, the solution has been designed to support payment versus payment (PvP) instant clearing and settlement of digital assets and fiat currencies already present on the network.
The service was launched to meet the growing demand of clients, Bosonic said, including regulated financial market infrastructure organisations and banks exploring digital asset capabilities, as well as newly-formed digital asset exchanges that need a post-trade clearing and settlement solution.
The functionality can be delivered either through a Software-as-a-Service model or through a dedicated deployment model. Clients of FMIs, banks or exchanges can maintain collateral in their own accounts at regulated, neutral custodians that use Bosonic’s technology to automate net settlement movements from trading.
Rosario Ingargiola, CEO of Bosonic, said the demand for the service has been extraordinary, “with the market this year heavily focused on developing the next generation of digital asset capabilities across a range of asset classes and use cases”.
Jason Nabi, chief revenue officer at Bosonic, added: “The capital markets industry has been looking at blockchain technology since about 2015 to solve inefficiencies across post-trade. Bosonic Enterprise Solutions delivers a specifically designed clearing and settlement capability which provides a turnkey digital asset infrastructure platform that can be used by market operators to run their own trading venue or digital asset post-trade service.“
“We believe all asset classes will be digital assets in the coming years, and the growth of this market and our respective business supporting the wider digital asset ecosystem will be significant.”