The Wall Street Blockchain Alliance (WSBA), a non-profit advocacy group for blockchain technology, announced the addition of OTC Exchange Network (OTCXN) as its corporate member, Finextra reported.

According to the announcement, OTCXN will initially launch its peer-to-peer trading network for the global foreign exchange market that uses blockchain technology and smart contracts. Leveraging proprietary blockchain, the trading platform offers secure, transparent and operational controls in order to enable safe trading directly between known and unknown counterparties.

“We are delighted to have OTC Exchange Network join the Alliance. OTCXN’s innovative use of blockchain technology throughout the entire lifecycle of a transaction helps facilitate discussions outside of post-trade settlement and clearing and showcases its utility for a number of markets currently evaluating the technology,” Ron Quaranta, Chairman, and Founder, WSBA, said. “We are looking forward to OTCXN’s contributions to a number of WSBA member activities and involvement in our focused working groups.”

With the addition of OTCXN to WSBA, the counterparties will no longer be required to establish credit arrangements with Prime Brokers to participate in the FX market. Prime Brokers is a process that can take a long time frame of eighteen months to complete.

“With WSBA serving as a neutral, unbiased steward of education and cooperation between Wall Street firms, we look forward to meeting like-minded individuals from investors to practitioners to regulators, and playing a part in broadening their horizons regarding the utility of blockchain technology,” Rosario M. Ingargiola, CEO, and Founder, OTCXN stated.

In August 2016, Calypso Technology, a leading front-to-back technology solutions provider for global financial markets, joined WSBA as a corporate member. More members joining the alliance shows increasing demand for blockchain knowledge and its expertise throughout multiple disciplines and sectors of financial markets.