Bosonic Launches Crypto Custodian Working Group
Posted by Colin Lambert. Last updated: June 10, 2022
Decentralised market infrastructure provider Bosonic has announced the formation and launch of the Bosonic Cross-Custodian Net Settlement (CCNS) Working Group.
The industry group will be spearheaded by Bosonic and will include a network of digital asset custodians such as First Digital in Hong Kong, Tetra Trust in Canada and Vast Bank in the US, with other custodian banks as well as major financial institutions and exchanges participating and soon to be announced, the firm says.
Bosonic says the group includes a range of institutional custodians from around the world undertaking net settlements and payments for digital assets and fiat via a layer-2 blockchain. The working group will help establish the protocol and best practice between custodians around the world on the Bosonic Network as part of the launch of the firm’s Cross-Custodian Net Settlement platform, which has been developed to support institutional cross-custodian trading and payments with net settlement calculations and movements, as well as the atomic burn and reallocation of netted quantities on Layer-2 blockchain together with physical movement of residual quantities for digital assets and fiat currencies on Layer-1 Smart Contracts. The platform will also assess benefits of interoperability with relevant stablecoins for the fiat residuals.
“As an industry first, and as the only custodian-agnostic payment versus payment settlement network on a working layer-2 blockchain, we are excited to further collaborate with a growing network of partners and clients across the world as we roll-out Cross-Custodian Net Settlement,” says Rosario Ingargiola, Bosonic CEO. “The adoption of the Bosonic Network continues to go from strength to strength as the industry looks to eliminate counterparty credit and settlement risk.”
Vincent Chok, CEO of First Digital, adds, “We’re pleased to announce our collaboration with Bosonic as we work together to break down silos and enhance coordination with institutional-grade partners across regions. We’re looking forward to working together to further develop the strength, quality and robustness of digital asset infrastructure as we help bridge the worlds of traditional and digital finance.”
Meanwhile, Brad Scrivener, CEO of Vast Bank, says, “One of our core promises to customers is that we are embracing constant change, and the establishment of this group signifies that we are building on that commitment to innovation. We’re proud to be supporting institutions by working to increase liquidity, standardization, and security with digital assets.”