The idea of using the technology to reshape how gold markets function has gained traction in the past year and a half. The partnership aims to provide new tools for the clearing and settlement of gold transactions, and both companies will leverage Bankchain, Paxos’ blockchain-based network, as a basis for the services.
The startup, which rebranded to focus on blockchain solutions in tandem with its bitcoin exchange, announced in September 2016 that it was working with Euroclear on a similar project. Paxos has moved in recent months to reposition itself amid growing interest in blockchain solutions among the world’s banks and corporations.
Not only EY and Paxos have been looking at the blockchain tech for use in the gold trade. According to CoinDesk, in September 2016, the brains behind the exchange that inspired the Michael Lewis bestseller Flash Boys announced that they were looking to blockchain as they build a next-generation gold exchange.
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