GENEVA and NEW YORK and BRUSSELS, Sept. 28, 2016 /PRNewswire/ -- Paxos, a financial technology company delivering revolutionary blockchain solutions for the financial services industry, and Euroclear, one of the world's largest settlement houses, announced today that they are working on the development of a blockchain settlement service for the gold market, called Euroclear Bankchain.
The announcement was made during a signing ceremony event at the SIBOS Annual Conference in Geneva, Switzerland, where Paxos and Euroclear officials and market participants celebrated their collaboration announced earlier this year.
"We are coming to market with a ground-breaking offering that will dramatically impact the post-trade process and overall trading infrastructure within the global gold market. This product represents the first concrete blockchain use case for gold settlement in the London Bullion Market and is poised to benefit all investors and key stakeholders through our revolutionary Bankchain™ offering. We are pleased to commemorate our progress at today's signing, at this important industry gathering," said Paxos CEO Charles Cascarilla.
Luc Vantomme, Managing Director and Global Head of Innovation, Euroclear added: "As a neutral market infrastructure, with a track record of providing high quality, reliable post-trade services to some of the world's leading financial institutions, we are adopting a collaborative approach wherever possible, working with third-party innovators in ways that reward their innovation while simultaneously giving us flexibility. The settlement of unallocated gold is a very capital-intensive process. We are working to develop a service to reduce risk and balance sheet constraints."
Paxos is a financial technology company delivering revolutionary blockchain solutions for global financial institutions. Its flagship service is Bankchain™, 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. 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.
Euroclear group is the financial industry's trusted provider of post trade services. At the core, the group provides settlement, safe-keeping and servicing of domestic and cross-border securities for bonds, equities and derivatives to investment funds. Euroclear is a proven, resilient capital market infrastructure committed to delivering risk-mitigation, automation and efficiency at scale for its global client franchise.
The Euroclear group includes Euroclear Bank which is rated AA+ by Fitch Ratings and AA by Standard & Poor's as well as Euroclear Belgium, Euroclear Finland, Euroclear France, Euroclear Nederland, Euroclear Sweden and Euroclear UK & Ireland. The Euroclear group settled the equivalent of EUR 675 trillion in securities transactions in 2015, representing 191 million domestic and cross-border transactions. By December 2015, the group held EUR 27.5 trillion in assets for clients.
For more information about Euroclear, please visit euroclear.com.