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Euroclear and Paxos End Blockchain Gold Settlement Partnership
The partnership between blockchain startup Paxos and Europe's largest settlement service has ended.
By Wolfie Zhao
Updated Sep 13, 2021, 6:46 a.m. Published Jul 28, 2017, 3:35 p.m.
The partnership between blockchain startup Paxos and Europe's largest settlement service has ended.
Euroclear and Paxos, as previously reported, were developing a blockchain-based platform for settling gold trades. The collaboration aimed at putting in place new infrastructure for London's gold market. It's a use case that other institutions, including the UK's Royal Mint, is also moving toward.
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Yet according to Reuters, that partnership has come to an end, though the exact reasons aren't immediately clear. A spokesperson for Paxos confirmed the end of the tie-up when reached by CoinDesk.
"Euroclear and Paxos have agreed to stop discussions on forming a joint-venture," a representative for Euroclear said in an email.
At the same time, both Paxos and Euroclear intend to move forward with bullion trading solutions based on the tech.
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The Paxos rep said that the startup plans to debut the solution by 2018. In an interview with Reuters, a representative for Euroclear said that the service "remains committed to offering a solution to the London bullion market."
The project was first unveiled more than a year ago. Months after its reveal, the prototype platform was put to the test by a group of banks and financial institutions, with hundreds of trades being conducted between participating parties.
Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Paxos.
Broken chain image via Shutterstock
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