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Showing posts with label euroclear. Show all posts
Showing posts with label euroclear. Show all posts

Tuesday, April 11, 2017

Major bond settlement house seeks to have gold trading on the blockchain by the end of the year

On April 11 one of the world's largest bond settlement facilities announced they have completed the initial phases of a gold trading platform on the blockchain that they hope to bring fully online before the end of the year.

Euroclear is one of two primary clearing houses for securities in Europe, and has acted as a major player for the U.S. Treasury as countries began dumping their dollar denominated bonds over the past five years.  And with the advent of the blockchain and its potential as a virtual platform for a myriad of financial products, Euroclear decided to use the technology as a way to bring gold trading fully onto the digital sphere.

Image result for gold if you don't hold it you don't own it
Clearing and settlement services firm Euroclear has expanded the scope of its blockchain-based gold trading platform project, eyeing a full launch for later this year. 
The company announced today that it completed the second stage of testing for its platform, developed in partnership with blockchain startup Paxos, with a group of 16 financial institutions including Citi, Scotiabank and Société Générale. More than 100,000 bullion settlement transactions were conducted over a two-day period. 
The pilot comes months after Euroclear announced the completion of the first phase, during which about 600 transactions were conducted. Euroclear first unveiled the platform in June. 
According to the firm, the successful test paves the way for a full production launch sometime in late 2017. - Coindesk

Saturday, December 24, 2016

2017 will see the world's paper gold markets move to the blockchain as banks try final gambit to control prices

If Bitcoin has proved one thing, it is that the future of finance will be fully merged onto the net, and built on the foundation of the blockchain.  This is because the blockchain not only solves many long-standing problems such as security and encryption, but it also is malleable enough to function in any segment of the markets.

Just a few decades ago markets, along with the global financial system, changed forever with the advent of electronic trading, with perhaps the two most visible features being the ending of fractional price quoting, and the ability for the common investor to trade without the need of a broker.  But this platform also birthed the rise of high frequency trading, and algorithms that make equity in trading a thing of the past.

This is one of the reasons why banks in the West are dedicating tons of money and resources towards research on the blockchain, as they believe it is their best shot towards seizing absolute control over the monetary and financial systems, and in being able to control prices in whatever markets they choose.

And entering into 2017 it appears that one of the first environments they are close to getting put on the blockchain is the Western gold trading market where earlier this week, a group of Western banks announced they have completed the first portion of a new gold trading system that will be run using blockchain technology.

Image result for blockchain gold
A group of global banks and financial institutions has completed the first pilot of a new blockchain-based gold trading platform. 
In total, 600 test bullion trades were settled on a platform being developed by Euroclear in partnership with blockchain startup Paxos. The group of financial institutions included Société Générale, Citi, Scotiabank, among other banks. 
Transaction settlement service Euroclear first disclosed that it was working on the initiative earlier this year. The project is aimed at providing faster settlement and cheaper services for unallocated gold on the London bullion market. - Coin Desk