The Depository Trust & Clearing Corp., a New York-based post-trade financial services company that brokers all transactions in the US stock market. (DTCC), according to a press release on Monday, announced a special Blockchain started the project.
According to the company’s press release, with this project, it is aimed to perform the transactions of customers faster.
The DTCC acts as the intermediary for most equity transactions in the US and is the basis of the entire public securities market.
The Company’s Blockchain Project Was First Announced in 2020
The company’s blockchain project, Project Ion, was first created as a pilot program in 2020 and moved to a development program in September.
DTCC says it currently processes an average of more than 100,000 binary stock transactions per day in its parallel processing environment, and almost 160,000 on peak days.
DTCC’s subsidiary, The Depository Trust Company, remains the authorized source for transactions.
Project Ion was designed to support T+0 (end-of-day) transaction cycles by leveraging Blockchain technology.
It currently takes two days to complete trading on the stock market, but the Securities and Exchange Commission (SEC) recommended speeding up the process in February, after a period of volatile meme stock investments that swept the market.
Last year, Robinhood CEO Vlad Tenev said the T+0 transaction would prevent the volatility seen in GameStop and AMC stocks.
Project Ion for faster processes cryptocurrencies It will be available alongside DTCC’s existing payment solution on behalf of customers who want to take advantage of the Blockchain technology that underpins them.
*Not investment advice.
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