IEX to Create Gold Exchange Using Blockchain

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iex-to-create-new-gold-exchange-with-blockchainIEX Trading Group, a US-based stock exchange, is trying to implement the blockchain technology into its upcoming gold exchange for greater transparency and efficiency in clearing and settling trade orders.

Matt Harris, managing director of Bain Capital Ventures which invested in IEX in early 2014, stated that company’s internal project TradeWind Markets will utilize the blockchain technology as the core infrastructure of a gold trading platform.

IEX and Harris believe that the inefficiency of trades and high transaction fees of orders and settlement of trades in the $5 trillion per annum gold market, which makes it difficult for even high profile investors to productively trade gold and other gold-related assets.

“It’s too slow, it’s opaque as to who owns what and when along the way, and there’s lots of room for error that requires manual reconciliation,” Harris said of the gold market. “A system that was instantly self-reconciling and 100 percent transparent would solve a lot of problems.”

Once developed and launched, the new blockchain-based gold exchange of TradeWind markets will be leveraged by The Investors’ Exchange of IEX, which was launched in August as an equities exchange for professional investors and traders.

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Read more ... source: TheBitcoinNews

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