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Euroclear & Paxos complete second pilot for bullion blockchain settlement

First Published 10th April 2017

Euroclear Bankchain service processes 100,000 gold settlements

Angus Scott, Euroclear

Angus Scott, Euroclear

New York and London - Euroclear, a provider of post-trade services, and Paxos, a financial technology company delivering blockchain solutions, have announced the completion of their second pilot for Euroclear Bankchain, the new blockchain settlement service for London bullion due to go live this year.

The two day pilot included 16 market participants including Citi, Société Générale, MKS PAMP Group, INTL FCStone Ltd, Barrick Gold Corporation, NEX EBS BrokerTec and ED&F Man and saw over 100,000 settlements.

Angus Scott, Head of Product Strategy and Innovation at Euroclear says: "We are encouraged by the extensive engagement of market participants in this second pilot and will continue as we further develop this new market infrastructure for the bullion market. The feedback provided is of great importance to make sure that our service will deliver real added value to the London bullion market through transparency, capital reduction and delivery versus payment settlement."

Both Euroclear and Paxos continue to work closely with the London bullion market executing pilots to test and obtain feedback on the Euroclear Bankchain service. Paxos and Euroclear are on schedule for a production launch later in 2017 for the Euroclear Bankchain service.