Euroclear to Develop Blockchain Gold Settlement System
Clearing and settlement services firm Euroclear has announced its first partnership with a blockchain industry business. Belgium-based Euroclear revealed today it would partner with bitcoin exchange and blockchain services provider itBit to develop a system for settling gold trades. The project is aimed at reducing risk and increasing asset mobility and liquidity in the London gold market, and will find the two firms working in tandem to develop a "next-generation settlement service" that could be launched as soon as next year. As part of the deal, Euroclear will act as the....
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Euroclear is best known for being one of the world’s biggest settlement houses in the financial sector. After taking a close look at blockchain technology, the company announced their first product trial: a new settlement system for the London gold market will be created. This announcement comes in the form of a partnership between US startup itBit and....
Paxos, a Blockchain company formerly known as ItBit, announced its strategic partnership with Euroclear to deploy a Blockchain settlement service for gold markets. London Bullion Market integration. Euroclear, the world’s largest Belgium-based asset and securities settlement cooperative founded by J.P Morgan & Co., attended the SIBOS Annual Conference in Geneva, Switzerland with Paxos to announce their joint project and explain the importance of a secure and efficient infrastructure in unsystematic gold markets. The Paxos-Euroclear gold market-focused Blockchain settlement solution....
Fintech company Paxos has partnered with the Euroclear team to bring blockchain-based gold settlement to the London Bullion Market. The project, called Euroclear Bankchain, aims to leverage blockchain technology to make post-trade settlement more efficient. London Bullion Market Will Get Its First Concrete Blockchain Use Case For Gold Settlement. Paxos....
A group of global banks and financial institutions has completed the first pilot of a new blockchain-based gold trading platform. In total, 600 test bullion trades were settled on a platform being developed by Euroclear in partnership with blockchain startup Paxos. The group of financial institutions included Société Générale, Citi, Scotiabank, among other banks. Transaction settlement service Euroclear first disclosed that it was working on the initiative earlier this year. The project is aimed at providing faster settlement and cheaper services for unallocated gold on the London bullion....
Paxos, a global securities depository and blockchain technology provider, has completed a pilot test for Euroclear Bankchain, a settlement service for London bullion. The service combines Euroclear’s settlement activities with Paxos’ blankchain platform. The service is designed to reduce risk, improve efficiency, and minimize balance sheet constraints for gold market participants. Bullion Traders Participate In Test. More than 600 OTC bullion trades settled in a two-week period for banks including Citigroup, Scotiabank, MKS PAMP, Societe Generale and INTL FCStone. All are part of the....