ABN AMRO Clearing Bank, BUX Partner to Work on Blockchain Investment Trading App STOCKS
- ABM AMRO Clearing signs a new partnership with the mobile investment platform BUX
- The new commission-free stock trading mobile app is expected to be released this summer
ABM AMRO Clearing, a global securities services provider, has signed a new partnership with the mobile investment platform BUX to create a commission-free stock trading mobile application. The information was released by BUX in a press release on May 29.
ABN AMRO Clearing Signs Partnership With BUX
As per the news release, ABN AMRO Clearing is one of the top three clearer for derivatives and cash securities, OTC products, commodities and other asset classes in different time zones. Indeed, the company was able to process 3.79 billion trades just in 2018 alone.
The new application is going to be called STOCS and it is expected to be launched as soon as in summer 2019. The goal is to reach the the whole European Continent and start rolling it out in the Netherlands, followed by Germany and then the rest of Europe.
The funds that clients will deposit on the platform are going to be held by ABN AMRO Clearing in a specific individual blockchain bank account. This bank account leverages the proprietary Banking-as-a-Service platform, which will allow ABN AMRO Clearing to operate as a bank.
At the same time, ABN AMRO Clearing will also provide STOCKS with a solution called Smart Order Routing that will allow clients to buy and sell orders on the platform.
According to a BUX spokesperson, the new solution is expected to work in a similar way to a bank account. However, instead of using escrow accounts, the funds will be administered in the blockchain network.
Moreover, ABN AMRO has also launched a blockchain inventory tracking platform that is used to leverage the Internet of Things (IoT) technology.