Blockchain financial technology company Paxos is collaborating with EY to roll out a blockchain settlement and delivery-versus-payment service to the gold market.
The service will use Paxos’s blockchain settlement platform, Bankchain, and EY will provide support and consulting services.
Having worked with industry bodies in the London bullion market, EY will also work with market participants to help facilitate industry-wide implementation of the service.
David Williams, partner for capital markets innovation at EY, said: “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.”
He added: “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."
Charles Cascarilla, CEO and founder of Paxos, said: “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.”
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