Euroclear Plans 2017 Launch for Blockchain Gold Market

Clearing and settlement companies agency Euroclear has expanded the scope of its blockchain-based gold buying and selling platform challenge, eyeing a full launch for later this yr.

Euroclear introduced immediately that it accomplished the second stage of testing for its platform, developed in partnership with blockchain startup Paxos, with a bunch of 16 monetary establishments together with Citi, Scotiabank and Société Générale. More than 100,000 bullion settlement transactions had been performed over a two-day interval, the agency stated.

The pilot comes months after Euroclear introduced the completion of the first phase, throughout which about 600 transactions had been performed. Euroclear first unveiled the platform in June.

According to the agency, the profitable take a look at paves the best way for a full manufacturing launch someday in late 2017.

Angus Scott, head of product technique and innovation for Euroclear, stated in a press release:

“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.”

Euroclear is not the one agency trying to bridge the worlds of blockchain and bullion.

In September, word emerged that the so-called “Flash Boys” behind the Investor’s Exchange (IEX) had been trying to develop a blockchain-based gold market. One of its backers later told CoinDesk that the group was trying to the tech to streamline knowledge reporting and make the buying and selling course of extra environment friendly.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an possession stake in Paxos.

Gold bars through Shutterstock

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