Paxos, fintech company delivering blockchain solutions for the financial services industry, has announced the appointment of former Chief Executive Officer of The New York Stock Exchange – Duncan L. Niederauer – to its Board of Directors.

Niederauer will be added to Paxos’ expert leader team that includes former U.S. Sen. Bill Bradley, former FASB Chairman Robert H. Herz, former FDIC Chairman Sheila C. Bair, and former Chairman, President and CEO of Lotus Development Corporation Jim Manzi.

"Duncan is an exceptional addition to our board and we will benefit from his over 30 years of leadership experience in developing products and building companies in financial services. Duncan has been at the forefront of innovation and transformation in capital markets and will be instrumental as we continue to grow," Charles Cascarilla, CEO of Paxos said in a release.

Niederauer served as NYSE CEO from 2007-2014, prior to which, he was a partner at Goldman Sachs. He is also a co-founder of Mountain Top Advisory Group and a managing member of 555 Capital. His appointment follows Paxos’ series of  strategic partnerships including its collaboration with Euroclear on the development of a blockchain settlement service for the gold market, called Euroclear Bankchain. The company also partnered with ‘big four’ firm EY to develop blockchain solutions for the gold market.

"I'm delighted to join the Paxos Board of Directors during a time of evolution within capital markets. Blockchain technology promises to revolutionize post-trade clearing infrastructure and Paxos' Bankchain platform is poised to offer unique market efficiencies and automation for the benefit of all investors,” Duncan Niederauer said. “'m excited to join a team of distinguished board members and work with the Paxos management team.”

Paxos was rebranded from itBit, earlier in September this year. Bankchain is the company’s flagship service, which is a cloud-based platform-as-a-service (PaaS) solution transforming post-trade market infrastructures and back office processes for its global clients.