The blockchain undertaking between Belgium-based settlement provider Euroclear and US startup Paxos has come to a sudden end. The companies had partnered to provide a settlement service utilizing blockchain technology for the London gold market.
Both Still Committed
In spite of severing the relationship with Paxos, Euroclear continues to pursue a solution for the London market. Head of communications and relations Christine Vanormelingen said:
“Not all of the startup collaborations come to a conclusive end, that is part of how you develop an innovation strategy. We remain committed to offering a solution to the London bullion market.”
Paxos, for its part, will continue to pursue a solution independently as well. The company has announced a release by 2018. Both systems will seek to provide a smooth and cash-efficient system for settlement of unallocated gold.
The announcement comes as a bit of a surprise because of the recent successful tests of the system. The partnership had already tested the solution with several participants, including Citigroup Inc, Societe Generale, Scotiabank and INTL FCStone Inc.
Let’s block ads! (Why?)