Euroclear and Paxos completes second market pilot for blockchain gold settlement

posted 18 days ago
Euroclear and Paxos have completed a second pilot of their Euroclear Bankchain settlement service for the London bullion market, executing over 100,000 settlements.

The two-day pilot including 16 market participants including the likes of Citi, Société Générale and Barrick Gold Corporation. The service is due to go live later this year.

Euroclear Bankchain is intended to combine Euroclear’s capabilities as an international central securities depository and settlement provider with Paxos’s existing blockchain platform.

It is designed to bring instant settlement and delivery-versus-payment to the London bullion market, minimizing risk, and reducing capital charges and balance sheet constraints.

The first pilot was completed in December 2016, when the platform settled 600 over-the-counter test bullion trades over a two-week period.
Tags: news, blockchain