Brussels, London and New York - Euroclear and itBit, a provider of blockchain services for capital markets, are to explore the creation of a settlement service for the London gold market.
Euroclear and itBit aim to develop a service which will minimise risk leading to a reduced capital charge , deliver true delivery versus payment and reduce balance sheet constraints. Euroclear has partnered with itBit based on its proprietary blockchain infrastructure technology and product, Bankchain. The Bankchain product is a private network that clears, tracks and settles trades.
Chad Cascarilla, CEO of itBit said: "Precious metals are the first use case for Bankchain, and London bullion is a market in which a distributed ledger can have an immediate benefit."