Paxos and Euroclear to develop blockchain for gold settlement

Paxos has announced that it is working with Euroclear on the development of a blockchain settlement service for the gold market, called Euroclear Bankchain.

The announcement was made during a signing ceremony event at the SIBOS Annual Conference in Geneva, Switzerland, where Paxos and Euroclear officials and market participants celebrated their collaboration announced earlier this year.

“We are coming to market with a ground-breaking offering that will drastically impact the post-trade process and overall trading infrastructure within the global gold market. This product represents the first concrete blockchain use case for gold settlement in the London Bullion Market and is poised to benefit all investors and key stakeholders through our revolutionary Bankchain offering. We are pleased to commemorate our progress at today’s signing, at this important industry gathering,” said Paxos CEO Charles Cascarilla.

Euroclear and the Paxos development team are looking to help global gold markets and exchanges decrease the massive costs and fees involved in post-trading and settlement of trades by implementing the Blockchain technology and the Paxos Bankchain.

Paxos is a fintech company delivering blockchain solutions for the financial services industry. Euroclear is a Belgium-based financial services company.