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 partnership between Euroclear, Paxos and Bitcoin Gold Exchange (BGX) represents an important step forward for London's gold market as it provides access to one of the most advanced blockchain-based financial
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.