Clearing and settlement services institution Euroclear has informed about further expansion of its scope related to its blockchain-based gold trading platform project. According to the information, this should be fully launched later this year.
Euroclear announced today that it completed the second stage of testing for its platform, developed in partnership with blockchain startup Paxos, with a group of 16 financial institutions including Citi, Scotiabank and Société Générale. More than 100,000 bullion settlement transactions were conducted over a two-day period, the firm said.
Their official statement:
“Euroclear and Paxos™, a financial technology company delivering pioneering blockchain solutions, are pleased to announce the successful completion of the first pilot for Euroclear Bankchain, the new blockchain settlement service for London bullion due to go live in 2017. Over 600 OTC test bullion trades were settled on the Euroclear Bankchain platform over the course of the two-week pilot.”
The pilot comes months after the institution announced the completion of the first phase, during which about 600 transactions were conducted. Euroclear first unveiled the platform in June.
According to the firm, the successful test paves the way for a full production launch sometime in late 2017.
Angus Scott, head of product strategy and innovation for Euroclear, said in a statement:
“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 isn’t the only firm looking to bridge the worlds of blockchain and bullion.
In September, word emerged that the so-called “Flash Boys” behind the Investor’s Exchange (IEX) were looking to develop a blockchain-based gold market. One of its backers later told that the group was looking to the tech to streamline data reporting and make the trading process more efficient.
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