Paxos, a financial technology and services company in New York City, has launched a financial advisor crypto trading service for broker-dealers.
“Crypto is growing in every sector, and we’re proud to provide this new platform that gives financial advisors access to crypto for their clients,” Walter Hessert, head of strategy for Paxos, said in the news release. “As interest in crypto continues to grow, it’s important to recognize that technology will underscore a company or industry’s success in this space. Our goal is to provide our clients with the ability to seamlessly access crypto safely and efficiently.”
Located within Paxos Crypto Brokerage, the Financial Advisor Crypto Trading functionality permits broker-dealers to offer affiliated financial advisors the ability to seamlessly conduct crypto trades on behalf of their clients, the companjy said in a press release. The company said that the new product provides taxation, allocation, settlement, and commission functionality, while also adhering to pricing requirements across other asset classes.
Broker-dealers can enable registered advisors and financial advisors to trade or manage assets at their discretion, including trade allocations; verification of RA or FA identities to satisfy compliance requirements through independent sanctions screening; and attachment of an RA or FA to every transaction in order to create a documented record of discretion for each trade, hte company said.
Founded in 2012, Paxos Trust Company, marketed as Paxos, is a financial institution and technology company specializing in blockchain. The company's product offerings include a cryptocurrency brokerage service, asset tokenization services, and settlement services.