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Bank of America partnership with Paxos will allow same-day trade settlements

The second-largest bank in the United States is now reportedly using blockchain technology for settling stock trades.

According to a Bloomberg report on Monday, Bank of America (NYSE:) has joined Paxos Settlement Service, a platform capable of same-day settlement of stock trades using blockchain technology. Kevin McCarthy, head of financing and clearing, said the bank “has been conducting internal transactions for the past few months” and would offer the service to Bank of America clients upon approval as a clearing agency.