Andrew Chang- Paxos and itBit- A Private Blockchain-Based Settlement Platform and a Fully Regulated, Comprehensive Crypto Custody and Exchange
Finding Genius Podcast
Richard Jacobs
4.4 • 1K Ratings
🗓️ 19 April 2018
⏱️ 26 minutes
🧾️ Download transcript
Summary
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.
Transcript
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| 0:00.0 | Welcome to Almost Here, Around the Corner of Future Technology Podcasts with Richard Jacobs. |
| 0:07.0 | Future Technologies |
| 0:08.0 | Boys to transform our lives for better or worse are the focus of this podcast. Almost here means these |
| 0:14.8 | technologies are now here and starting to be used or just around the corner for |
| 0:19.6 | Bitcoin to artificial intelligence, 3D printing, blockchain, virtual reality, and more. |
| 0:27.0 | Coming to Dallas, Texas, September 14th, 15th and 16, 2018, the blockchain and |
| 0:38.8 | a future check expo. This is going to be a gigantic conference of over 5,000 people. |
| 0:44.4 | We're going to be talking about blockchain and its applications. |
| 0:47.4 | We're going to be talking about quantum computing, |
| 0:49.6 | cyber security, artificial intelligence, and several other future technologies that are poised |
| 0:55.6 | to and actually changing our lives as we speak. |
| 0:59.4 | Here's why you should attend. |
| 1:01.1 | As you may know, early adopters are the ones that investigated and profited |
| 1:05.2 | from things like the Gold Rush in the 1800s, from the dot-com boom in the 1990s, from the internet |
| 1:11.2 | boom in 2005, from the smartphone explosion in 2007, from the real |
| 1:16.6 | estate boom that ended in 2008, and of course from the Bitcoin boom that started in 2012. Early adopters act now. They don't wait till later. |
| 1:25.4 | They go out west first and they're covered wagons. They find the biggest gold nuggets. |
| 1:30.3 | If you consider yourself an early adopter and you want to find the biggest nuggets, then you owe it to yourself to attend this upcoming conference. |
| 1:37.5 | Blockchain is going to affect how we control and store our medical data, |
| 1:41.5 | how we send money around the world, how we bank and more. |
| 1:46.0 | But artificial intelligence, quantum computing, and cyber security will play a pivotal role in |
| 1:51.0 | our lives as well. |
... |
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