Paxos and EY Announce Collaboration on Blockchain Gold Settlement Service

LONDON, Oct. 11, 2016 /PRNewswire/ -- Paxos™, a financial technology company delivering revolutionary blockchain solutions for the financial services industry, and EY, a global leader in assurance, tax, transaction and advisory services, today announced a new collaboration on the rollout of a next-generation blockchain settlement service that brings instant settlement and true DvP (Delivery versus Payment) to the gold market for the first time.  

EY has a strong track record of working with industry bodies in the London bullion market and will provide Paxos with services and consulting support. They will also work with gold market participants to facilitate industry-wide implementation of the new service, which is built on Paxos' blockchain settlement platform, Bankchain™.

"Gold market participants are showing interest in exploring how innovation can deliver tangible benefits. We see solutions such as Paxos' Bankchain as being very relevant and timely," said David Williams, Partner for Capital Markets Innovation at EY. "We believe that the future of capital markets requires ever stronger and more innovative ecosystems, and expect this to be a key early example of the type of collaboration between FinTech firms and existing market participants that will truly transform the marketplace."

"Working with EY on the roll-out of our Bankchain gold settlement service is beneficial for delivering our solution to gold market participants," said Charles Cascarilla, CEO and Founder of Paxos. "EY brings both depth of understanding in market practices and breadth of skill sets in regulatory, financial, tax, operations and technology, all of which are necessary to get innovation like this off the ground."  

About Paxos

Paxos is a financial technology company delivering revolutionary blockchain solutions for the financial services industry. Its flagship service is Bankchain^TM, a next-generation blockchain settlement platform that is transforming post-trade across capital markets. Bankchain delivers instantaneous settlement and greater automation, offering market participants reduced counterparty risk, lower capital requirements and increased operational efficiencies. The Paxos management team is led by CEO and Co-Founder Charles Cascarilla and its board of directors includes former FDIC chair Sheila Bair, former Senator Bill Bradley, former chair of the Financial Accounting Standards Board Robert Herz and former chairman, president & CEO of Lotus Development Corporation Jim Manzi.

For more information about Paxos and Bankchain, please visit paxos.com.

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

EY is a leader in serving the financial services industry

We understand the importance of asking great questions. It's how you innovate, transform and achieve a better working world. One that benefits our clients, our people and our communities. Finance fuels our lives. No other sector can touch so many people or shape so many futures. That's why globally we employ 26,000 people who focus on financial services and nothing else.

Our connected financial services teams are dedicated to providing assurance, tax, transaction and advisory services to the banking and capital markets, insurance, and wealth and asset management sectors. It's our global connectivity and local knowledge that ensures we deliver the insights and quality services to help build trust and confidence in the capital markets and in economies the world over. By connecting people with the right mix of knowledge and insight, we are able to ask great questions. The better the question. The better the answer. The better the world works.

For more information about our organization, please visit ey.com.

SOURCE Paxos