LONDON & SAN FRANCISCO & NEW YORK–(BUSINESS WIRE)–#bitcoin–Bosonic, a decentralized Financial Market Infrastructure (dFMI) business, announces an industry first in going live with Cross Custodian Net Settlement (CCNS) in which trades in USDC and ETH were executed, cleared, and settled atomically between two digital asset custodians, First Digital in Hong Kong and Propine in Singapore.
Cross Custodian Net Settlement (CCNS) enables custodians to net settle on behalf of all their institutional clients who are either trading on the Bosonic Network, or trading on other digital asset venues that are using Bosonic Enterprise for clearing and settlement and connecting to Cross Custodian Net Settlement via their preferred custodians.
Custodians load digital assets that need to be physically delivered between custodians in a CCNS Smart Contract on Layer-1 public blockchain protocols. Both the institutional clients and the custodians eliminate counterparty credit and settlemen
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