Euroclear Wants a Blockchain for the London Gold Bullion Market
Posted: Tue Jun 21, 2016 7:42 am
New York based institutional Bitcoin exchange and blockchain technology company, itBit, has been selected by Euroclear group to explore opportunities for creating a next generation settlement service for the London gold market.
If you are not familiar with it, the importance of the group testing blockhain settlements stems from the fact that just last year Euroclear settled the equivalent of €675 trillion in securities transactions and held €27.5 trillion in assets for its clients.
The settlement of unallocated gold is a very capital-intensive process. Euroclear and itBit explain that they are working with other relevant market participants to develop a service to significantly minimize ... (read more)