Paxos, a financial technology company delivering revolutionary Blockchain solutions for the financial services industry, and EY, a global leader in assurance, tax, transaction and advisory services, have announced a new collaboration on the rollout of a next-generation Blockchain settlement service that brings instant settlement and true DvP (Delivery versus Payment) to the gold market for the first time.
EY has a strong track record of working with industry bodies in the London bullion market and will provide Paxos with services and consulting support. They will also work with gold market participants to facilitate industry-wide implementation of the new service, which is built on Paxos’ Blockchain settlement platform, Bankchain™.
“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,” said David Williams, Partner for Capital Markets Innovation at EY. “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.”
“Working with EY on the roll-out of our Bankchain gold settlement service is beneficial for delivering our solution to gold market participants,” said Charles Cascarilla, CEO and Founder of Paxos. “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.”
Paxos is a financial technology company delivering revolutionary Blockchain solutions for the financial services industry. Its flagship service is BankchainTM, 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. The 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.