Global Banks Pilot Blockchain-based Gold Settlement Platform
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....
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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....
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....
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....
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....
Banks and large-scale commercial companies including Daimler, the parent company of Mercedes-Benz, are starting to replace fax machines and the traditional method of communicating with one another using Blockchain. Since 2015, banks and major technology companies such as Microsoft have been investigating the potential of Blockchain technology as a data processing platform. While sustaining the security measures of public Blockchain networks including Bitcoin, the Blockchain-based platforms can process large amounts of data, opening doors for a wider range of applications such as data....