22 September 2017
Visit http://response.ncr.com

Euroclear Blockchain targets bullion markets

28 September 2016  |  5680 views  |  0 Source: Paxos

Paxos, a financial technology company delivering revolutionary blockchain solutions for the financial services industry, and Euroclear, one of the world's largest settlement houses, announced today that they are working 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.

Luc Vantomme, Managing Director and Global Head of Innovation, Euroclear added: "As a neutral market infrastructure, with a track record of providing high quality, reliable post-trade services to some of the world's leading financial institutions, we are adopting a collaborative approach wherever possible, working with third-party innovators in ways that reward their innovation while simultaneously giving us flexibility. The settlement of unallocated gold is a very capital-intensive process. We are working to develop a service to reduce risk and balance sheet constraints."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.temenos.comdownload the paper nowvisit www.sibos.com

Top topics

Most viewed Most shared
HSBC switches on selfie payments in ChinaHSBC switches on selfie payments in China
12872 views comments | 27 tweets | 42 linkedin
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
8577 views comments | 13 tweets | 27 linkedin
Apple P2P payments service nears launchApple P2P payments service nears launch
8362 views comments | 19 tweets | 27 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
7761 views comments | 16 tweets | 1 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
7645 views comments | 31 tweets | 45 linkedin

Featured job

A minimum of £200K (not a limiting factor)
London

Find your next job