itBit and Euroclear Team Up on Blockchain Solution for Gold Market Settlement

69

Share with:


Euroclear and itBit, a financial services company delivering Blockchain services for capital markets, today announced their collaboration to explore opportunities in creating a next generation settlement service for the London gold market.

Angus Scott, Director, Product Strategy and Innovation at Euroclear, commented:

“Euroclear is pleased to be working with itBit on this initiative. As an open and resilient infrastructure, our strategy has been to work with relevant industry stakeholders. We have also created an advisory group, which recently convened to discuss the building of the new service with the ambition to make the London bullion market more efficient.”

Chad Cascarilla, CEO of itBit, added:

“We are excited to be partnering with Euroclear to develop a trusted digital infrastructure for gold. Precious metals are the first use case for Bankchain, and Londonbullion is a market in which a distributed ledger can have an immediate benefit.”

The settlement of unallocated gold is a very capital-intensive process. Euroclear and itBit are working with relevant market participants to develop a service to significantly minimise risk leading to a reduced capital charge, deliver true delivery versus payment and reduce balance sheet constraints. Euroclear has partnered with itBit based on its proprietary Blockchain infrastructure technology and flagship product, Bankchain. The Bankchain product is a private network of trusted participants that clears, tracks and settles trades in close to real-time.

 

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 www.euroclear.com.

itBit is a leading financial services company using Blockchain technology solutions to redesign the post-trade business across traditional capital markets. The company has established itself as an innovator in the Blockchain industry with the development of Bankchain, a permissioned distributed network that expedites and secures the clearing and settling of assets. Bankchain brings faster settlement finality, next-generation record keeping and reduced counterparty risk to existing capital markets.

For more information on itBit, please visit http://www.itbit.com

Founder, Publisher and Editor in Chief of industry leading online publication, Blockchain News and co-founder and director at Blockchain Partners in London/Amsterdam/NYC. Kastelein is also an advisor with a number Blockchain startups doing ICOs including DECENT.ch, Inchain, Humaniq, Chronobank, eGaas and others.

He is regarded as one of the top journalists by the Blockchain and fintech communities – as is evident by his entry in the Top 150 Fintech journalists online and in the top 10 of the Blockchain Top 100 List. As a prominent keynote presenter, he has spoken on Blockchain at events in Gdansk, Amsterdam, Minsk, Dubai, Antwerp, Eindhoven etc, where he helped spread the cause for Blockchain technology and crypto-currency and, consequently, has built a notable network inthe scene.

He’s also a director of a Dutch foundation called The Hackitarians and has run innovation events in London, San Francisco, Berlin, Amsterdam and other cities around the world on topics such Blockchain, Health, Energy, Internet of Things, AI etc.

In 2013, the European Commission appointed him as an expert for overseeing financing for emerging startups as a part of the European Commission’s 90 billion euro Horizon 2020 project, created in Brussels to promote innovation as a driving force of job creation and business ventures across Europe. He has also worked as an external expert for Innovate UK since 2012, judging startups for the UK government.

Chronoform

Get Blockchain News Where You Are!

Join our Linked in Group Like our Facebook Page
Linkedin Group Blockchain Linkedin Facebook Group