Bank of America is an American multinational investment bank and financial services holding company. It is the second largest bank in the United states after JPMorgan Chase. The company had a reported revenue of $85.52 billion USD in 2020, and also runs Merrill Lynch for wealth management and investment banking services.
On May 17th, 2021, Bank of America announced that it would join Paxos Settlement Service to use blockchain technology for settling stock trades. Compared to the original stock settlement system using the Depository Trust & Clearing Corporation, Paxos Settlement Service will provide a more flexible and speedier service. Paxos Settlement Service will allow the same-day settlement of stock trades, freeing up collateral on an overnight basis, and improve the potential return-on-assets for Bank of America.
one foundational theme, multiple asset classes
— MikΞ Dudas (@mdudas) May 17, 2021
so excited to be part of what we're building at @PaxosGlobal https://t.co/a1EKFKATLp
