Euroclear and pioneering Blockchain company Paxos, have announced a successful completion of the first pilot for their Euroclear Bankchain project. Over 600 OTC test bullion trades were settled on the Euroclear Bankchain platform over the course of the two-week pilot.
“The pilot has been very useful in helping us further refine the Bankchain platform,” said Seth Phillips, Bankchain Product Director at Paxos. “The level of engagement from market participants was extensive and they were excited by settlements enabled on a real Blockchain for the first time and to see how quickly their feedback could be incorporated into the platform.”
Angus Scott, Director, Product Strategy and Innovation at Euroclear added:
“This is a real first step in bringing a new settlement capability to the London bullion market that will help lower risk and simplify the post-trade process.”
The new Blockchain settlement service for London bullion is due to go live in 2017.
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A number of leading market participants in the London bullion market were involved in the pilot, including Scotiabank, Société Générale, Citi, MKS PAMP Group and INTL FCStone. All are part of the Euroclear Bankchain Market Advisory Group that now includes 17 participants working with Euroclear and Paxos in the roll-out of the new service.