20 February 2018
visit www.nextgenbanking.co.uk/

Euroclear backs away from gold bullion blockchain project

28 July 2017  |  13376 views  |  0 Euroclear Logo New

Euroclear has walked away from a blockchain partnership with Paxos for the London gold bullion market that was set to go into live production later this year.

Both Euroclear and Paxos confirmed the dissolution of the relationship to Reuters.

Christine Vanormelingen, global head of communications and investor relations at Euroclear, told the newswire: "Not all of the startup collaborations come to a conclusive end, that is part of how you develop an innovation strategy. We remain committed to offering a solution to the London bullion market."

Euroclear's about face on the project comes as something of a surprise, having completed a second live pilot of the system with 16 market participants settling over 10,000 contracts across the Bankchain in April.

Euroclear is not entirely giving up on blockchain technology; it is one of seven founding shareholders of Liquidshare, which is aiming to use distributed ledgers to make post-trade operations more efficient for small and medium enterprises in Europe.

Paxos told Reuters it will continue to pursue its platform without Euroclear, which it plans to launch by 2018.

In a statement, the firm says: "Paxos confirmed it has decided to pursue its Bankchain Precious Metal product without its previously announced partner Euroclear. Paxos remains fully committed to launching Bankchain for precious metals. The product has been undergoing a series of customer tests and pilot programmes over the past year with market participants and is on schedule to launch by 2018."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Liquidshare DLT joint venture formed by seven-strong finance consortium

Liquidshare DLT joint venture formed by seven-strong finance consortium

11 July 2017  |  17439 views  |  0 comments | 4 tweets | 5 linkedin
Euroclear pencils in 2017 for bullion on blockchain roll out

Euroclear pencils in 2017 for bullion on blockchain roll out

19 December 2016  |  18257 views  |  0 comments | 18 tweets | 11 linkedin
Euroclear explores use of blockchain in London gold markets

Euroclear explores use of blockchain in London gold markets

22 June 2016  |  8821 views  |  0 comments | 11 tweets | 13 linkedin

Related company news

 

Related blogs

Create a blog about this story (membership required)
Visit http://info.nice.comvisit www.ebaday.comvisit www.nextgenbanking.co.uk

Top topics

Most viewed Most shared
Saudi central bank provides sandbox for banks to try out Ripple techSaudi central bank provides sandbox for ba...
11699 views comments | 16 tweets | 12 linkedin
ABN Amro moves escrow accounts to the blockchainABN Amro moves escrow accounts to the bloc...
9316 views comments | 15 tweets | 13 linkedin
ECB launches staunch defence of cashECB launches staunch defence of cash
9149 views 10 comments | 22 tweets | 26 linkedin
Coinbase and Visa at loggerheads over erroneous charges on customer crypto accountsCoinbase and Visa at loggerheads over erro...
7854 views comments | 13 tweets | 11 linkedin
FCA explores creation of global sandboxFCA explores creation of global sandbox
7229 views comments | 19 tweets | 18 linkedin

Featured job

Six-Figure-Base, Double OTE, Benefits Package
London, UK

Find your next job