Paxos and EY Cut Deal on Blockchain Gold Settlement Service

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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.”  

About Paxos

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.

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Founder of Blockchain News and The Hackitarians Foundation, Richard Kastelein is an award winning publisher and editor, hackathon organiser and entrepreneur. He has written over 700 articles at Blockchain News, has a massive network in the Blockchain arena and is available as a speaker and consultant. (richard@the-blockchain.com) Kastelein has spoken (keynotes & panels) on technology at events in Amsterdam, Barcelona, Belfast, Berlin, Brussels, Brighton, Copenhagen, Cannes, Cologne, Curacao, Frankfurt, Gdansk, Hollywood, Hilversum, Geneva, Groningen, London, Las Vegas, Leipzig, Madrid, Melbourne, NYC, Oxford, Rio de Janeiro, Sheffield, San Francisco, San Jose, Sydney, Tallinn, Vienna, and Zurich. A Creative Technologist & Canadian (Dutch/Irish/English/Métis) his career began in the Native Press (Canadian Arctic) and he later spent a decade in the Caribbean media. Currently, he writes occasionally for Wired Insights, Guardian & Virgin and his articles have been translated into Dutch, Greek, Polish, German & French.