Published on April 12th, 2017 | by San Dee Doxtdator0
Major bond settlement house seeks to have gold trading on the blockchain by the end of the year
On April 11 one of the world’s largest bond settlement facilities announced they have completed the initial phases of a gold trading platform on the blockchain that they hope to bring fully online before the end of the year.
Euroclear is one of two primary clearing houses for securities in Europe, and has acted as a major player for the U.S. Treasury as countries began dumping their dollar denominated bonds over the past five years. And with the advent of the blockchain and its potential as a virtual platform for a myriad of financial products, Euroclear decided to use the technology as a way to bring gold trading fully onto the digital sphere.
Clearing and settlement services firm Euroclear has expanded the scope of its blockchain-based gold trading platform project, eyeing a full launch for later this year.
The company 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.
According to the firm, the successful test paves the way for a full production launch sometime in late 2017. – Coindesk