Bosonic Announces Launch of Bosonic Cross-Custodian Net Settlement Task Force with Major Digital Asset Custodians

SAN FRANCISCO and LONDON, June 10, 2022 /PRNewswire/ — Bosonic, a decentralized financial market infrastructure (dFMI) firm, today announced the formation and launch of the Bosonic Cross-Custodian Net Settlement (CCNS) Working Group with several major asset custodians digital, stock exchanges and banks in the sector.

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The industry group will be led by Bosonic and will include a global network of digital asset custodians such as First Digital in hong kongTetra trusts Canada and Vast Bank at United Stateswith other custodian banks as well as major participating financial institutions and stock exchanges to be announced soon.

This is an industry first to include a range of institutional custodians from around the world performing net settlements and payments for digital and fiat assets via a layer 2 blockchain. The working group will help establish the protocol and best practices between custodians around the world on the Bosonic Network™ as part of the launch of Bosonic’s Cross-Custodian Net Settlement platform, which was developed to:

  • Support transactions and payments between institutional custodians with net settlement calculations and movements

  • Atomic burning and reallocation of net quantities on the layer 2 blockchain as well as physical movement of residual quantities for digital assets and fiat currencies on layer 1 smart contracts

  • Assess the benefits of interoperability with stablecoins relevant to fiat residuals

Rosario Ingargiolasaid Bosonic CEO“As an industry first and the only custodian-agnostic payment network to settle payments on a functional Layer 2 blockchain, we are excited to collaborate further with a growing network of partners and customers at around the world as we deploy Cross-Custodian Net Settlement. Adoption of the Bosonic Network™ continues to grow as the industry seeks to eliminate counterparty credit and settlement risk.”

Vincent ShockFirst Digital CEO responded“We are thrilled to announce our collaboration with Bosonic as we work together to break down silos and improve coordination with institutional level partners across all regions. We look forward to working together to further develop the strength, quality and the robustness of digital asset infrastructure as we help bridge the worlds of traditional and digital finance.”

“One of our key promises to our customers is that we embrace constant change, and the creation of this group means we’re building on that commitment to innovation,” said Brad ScrivenerVast Bank CEO. “We are proud to support institutions in working to increase liquidity, standardization and security with digital assets.”

The Bosonic Network™ is a unique, best-in-class infrastructure for institutional clients, connecting to exchanges and market makers, and enabling atomic pay-to-pay exchange for instant settlement on a layer 2 blockchain operated by custodians of digital assets.

Media Contact
The realization group on behalf of Bosonic
[email protected]alisationgroup.com
Tel +44 7974937970

About Bosonic

Founded in 2016, Bosonic is a leading decentralized financial market infrastructure “dFMI” company with offices in San Francisco, New York and London provide a best-in-class infrastructure that eliminates counterparty credit and settlement risk in digital asset markets. The Bosonic Network™ provides institutional clients with a patented solution that is custodian-agnostic, enables tokenization of assets and collateral, provides liquidity aggregation and DMA to top exchanges and market makers, and at the core, executes payment real-time versus payment (PvP) atomic execution and settlement, with cross-margining, settlement and net payments between custodians. The Bosonic Network™ provides infrastructure that reshapes the future of digital asset markets by eliminating risk and maximizing capital efficiency for hedge funds, family offices, banks, brokers, asset managers and other market players.

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