Global securities services provider ABN AMRO Clearing has signed a contract to provide European mobile investment platform BUX with blockchain technology for a forthcoming commission-free stock trading mobile app. The news was revealed in a BUX news release on May 29.
According to the news release, ABN AMRO Clearing processed 3.79 billion trades in 2018, and reportedly consistently ranks as a top three clearer for listed derivatives and cash securities, OTC products, warrants, commodities and FX across the majority of time zones.
BUX’s new app, dubbed STOCKS, is slated for launch in summer 2019 first in the Netherlands and Germany, followed by a planned Europe-wide rollout in the coming year.
After a reportedly successful pilot, BUX is set to leverage two key solutions from ABN AMRO Clearing for STOCKS.
First, STOCKS clients’ funds will be held by ABN AMRO Clearing in an individual blockchain bank account using the clearer’s proprietary Banking-as-a-Service platform. This, the news release notes, means that ABN AMRO Clearing will be operating as a bank within the forthcoming set-up.
Second, ABN AMRO Clearing will provide STOCKS with its Smart Order Routing solution for users’ buy and sell orders on the platform.
In an interview with tech news site Hard Fork published today, a BUX spokesperson underscored that the new solution will be similar to a bank account, but that instead of being administered via escrow accounts, “every bank account is essentially a unique string of code that is administered in this blockchain.”
Source : https://cointelegraph.com/