DTCC Embraces Bitcoin Technology For Credit Default Swaps

Law360, New York (January 10, 2017, 4:27 PM EST) -- Wall Street clearinghouse the Depository Trust & Clearing Corp. plans to rebuild its credit default swaps processing system with one based on blockchain — the same rapid technology that underpins digital currency bitcoin — and is hiring IBM and two startups to lead the project.

DTCC, the central bookkeeper for securities trades, said Monday the project will begin this month and is expected to go live in early 2018. The agency hired blockchain developers Axoni and R3 along with IBM to develop a faster and more...
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