Bosonic Forms Cross-Custodian Net Settlement Working Group with Leading Digital Assets Custodians

Bosonic, a decentralized Financial Market Infrastructure (dFMI) business has today announced the formation and launch of the Bosonic Cross-Custodian Net Settlement (CCNS) Working Group with several of the industry’s leading digital asset custodians, exchanges and banks.

The industry group will be spearheaded by Bosonic and will include a worldwide network of digital asset custodians such as First Digital in Hong Kong, Tetra Trust in Canada and Vast Bank in the United States, with other custodian banks as well as major financial institutions and exchanges participating and soon to be announced. 

This is an industry first to include 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 Bosonic’s Cross-Custodian Net Settlement platform.

Rosario Ingargiola, Bosonic CEO said, “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. The adoption of the Bosonic Network™ continues to go from strength to strength as the industry looks to eliminate counterparty credit and settlement risk.” 

The Bosonic Network™ is a best-in-class and unique infrastructure for institutional clients, connecting to exchanges and market makers, and enabling a payment versus payment atomic swap for instantaneous settlement on a layer-2 blockchain operated by digital asset custodians.