Paxos, a financial technology company delivering revolutionary blockchain solutions for the financial services industry, and EY, a global leader in assurance, tax, transaction and advisory services, today announced a new collaboration on the rollout of a next-generation blockchain settlement service that brings instant settlement and true DvP (Delivery versus Payment) to the gold market for the first time.
EY has a strong track record of working with industry bodies in the London bullion market and will provide Paxos with services and consulting support. They will also work with gold market participants to facilitate industry-wide implementation of the new service, which is built on Paxos' blockchain settlement platform, Bankchain™.
"Gold market participants are showing interest in exploring how innovation can deliver tangible benefits. We see solutions such as Paxos' Bankchain as being very relevant and timely," said David Williams, Partner for Capital Markets Innovation at EY. "We believe that the future of capital markets requires ever stronger and more innovative ecosystems, and expect this to be a key early example of the type of collaboration between FinTech firms and existing market participants that will truly transform the marketplace."
"Working with EY on the roll-out of our Bankchain gold settlement service is beneficial for delivering our solution to gold market participants," said Charles Cascarilla, CEO and Founder of Paxos. "EY brings both depth of understanding in market practices and breadth of skill sets in regulatory, financial, tax, operations and technology, all of which are necessary to get innovation like this off the ground."
Contributed | what does this mean?