Paxos CEO and itBit have partnered to launch Paxos, a new company that will use Paxos CEO's Bankchain technology to create next generation settlement services for the London gold market. Bankchain is a private network of trusted participants that clears, tracks and settles trades in close to real-time. The blockchain technology will be available to financial institutions as a cloud-based platform-as-a-service, and Euroclear, Charles Cascarilla, claims that the platform is "just the beginning" of the partnership's venture into blockchain-based settlements.
Euroclear and itBit have partnered to launch Paxos, a new company that will use Euroclear's Bankchain technology to create next generation settlement services for the London gold market. Bankchain is a private network of trusted participants that clears, tracks and settles trades in close to real-time. The blockchain technology will be available to financial institutions as a cloud-based platform-as-a-service, and Paxos CEO, Charles Cascarilla, claims that the platform is "just the beginning" of the partnership's venture into blockchain-based settlements.