There has always been a correlation between Bitcoin and gold, although both vehicles of value are targeting very different crowds. At the same time, Euroclear is integrating Bitcoin technology into the bullion markets, to provide additional transparency and faster transfers of value. They will do so in collaboration with Paxos, a fintech company providing custom blockchain solutions to its clients.
Custom blockchain service providers are not hard to come by these days. Most companies – particularly in the traditional financial sector- prefer to use permissioned distributed ledgers. An open standard, such as the Bitcoin protocol, would not be in their best interest, as they can’t exert control over it.
A Big Step For Paxos and Euroclear
As a result, blockchain service providers are getting a lot of attention. Paxos is one of the companies active in this space, and they have caught the attention of Euroclear. By collaborating with one of the world’s largest settlement houses, a new blockchain settlement system will be created. The name of this new venture will be Euroclear Bankchain, designed to improve the bullion markets.
Paxos CEO Charles Cascarilla had the following to say: