Sumary of New York Community (NYCB) Coins Digital Marker for Figure ATS:
- This story originally appeared on Zacks New York Community Bancorp, Inc.’s NYCB subsidiary, New York Community Bank, has built a cutting-edge digital payment process via the development of a blockchain-induced digital marker — USD Forward (USDF) — which is the first to be used by a bank on the Provenance Blockchain.
- – Zacks This will aid Figure Technologies, Inc. to operate the real-time secondary trading in digital shares of its stock by using its alternative trading system (“ATS”).
- Essentially functioning as a financial intermediary between the buyers and sellers of Figure Technologies digital shares, New York Community will expedite the payment process through its USDF.
- Through the strategic relationship with Figure Technologies, the bank will be able to advance on its plans by bolstering the entire DeFi ecosystem and moving ahead with more digital marker transactions.
- Figure Technologies’ ATS use of New York Community Bank’s digital marker marked the first transaction on the platform.
- Along with the bank programmatically creating the USDF digital marker for customers’ use, the secondary trading on the Figure Technologies ATS and the use of USDF necessitates integrating all counterparties through the bank’s upgraded AML/KYC compliance procedure.
- All trading transactions conducted on the Figure Technologies ATS are in conformity with the applicable SEC rules and regulations.
- “New York Community’s endeavor in creating the digital payment process is a huge step forward to its recently-announced collaboration with Figure Technologies on a series of blockchain projects.