OTC Exchange Network (OTCXN) has joined the The Wall Street Blockchain Alliance (WSBA) as a corporate member.
OTCXN is utilises blockchain technologies and smart contracts for its peer-to-peer trading network, which will launch initially for the FX market.
OTCXN's trading platform leverages proprietary blockchain and smart contracts technology designed to provide transparency and operational controls to enable safe and secure trading directly between counterparties, even if they are not known to one another.
The aim of OTCXN is to replace the current credit system in FX, whereby firms are required to establish credit arrangements with prime brokers - a process that can take as long as 18 months to complete - in order to participate in the FX marketplace.
OTC Exchange Network (OTCXN), a provider of blockchain technology, has appointed Drew Rasmussen as its new CTO.
As OTCXN’s CTO, Rasmussen will be responsible for overseeing all technical design, technological resources, and technology development. Additionally, he will be tasked with facilitating the overall architecture and development of the company’s proprietary Blockchain fabric, also known as distributed ledger technology (DLT).
He will report to Rosario Ingargiola, the company’s founder and CEO.
“We are thrilled that Drew will bring to OTCXN his unique expertise in developing Blockchain technologies specifically for large-scale use cases at global financial institutions,” says Ingargiola.