Euroclear is best known for being one of the world’s biggest settlement houses in the financial sector. After taking a close look at blockchain technology, the company announced their first product trial: a new settlement system for the London gold market will be created.
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This announcement comes in the form of a partnership between US startup itBit and Euroclear. With over €27bn in various assets belonging to customers flowing through this settlement house, modernization is the primary objective. Given the growing interest in blockchain technology by financial players, it makes sense to look at distributed ledgers for a proof of concept.
Euroclear Skeptical of Blockchain Tech
Bitcoin enthusiasts will know the itBit name as the company is actively working on blockchain-based clearing and settlement. In fact, the startup has created its own network, called Bankchain. Through this partnership with Euroclear, this technology will be making its way to the settlement of gold shortly.
It has to be said that Euroclear has been rather skeptical of using blockchain technology up until this point. However, the company has been keeping an eye on this technology throughout the past few