Momentum Grows for Blockchain Gold Markets with 'Big Four' Partnership

Global consultancy EY and New York blockchain startup Paxos are partnering on new solutions for the gold market.

AccessTimeIconOct 11, 2016 at 3:02 p.m. UTC
Updated Sep 11, 2021 at 12:33 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Global consultancy EY and New York blockchain startup Paxos have announced that they are co-developing new technology solutions for the gold market.

Aimed at providing new tools for the clearing and settlement of gold transactions, the partnership will see the two firms leveraging Paxos’ blockchain-based network, Bankchain, as a basis for the services.

David Williams, EY’s partner for capital markets innovation, said in a statement:

"We believe that the future of capital markets requires ever stronger and more innovative ecosystems, and expect this to be a key early example of the type of collaboration between FinTech firms and existing market participants that will truly transform the marketplace."

The idea of using the technology to reshape how gold markets function has gained traction in the past year and a half.

Paxos, which rebranded to focus on blockchain solutions in tandem with its bitcoin exchange, announced this past summer that it was working with Euroclear on a similar project. The startup has moved in recent months to reposition itself amid growing interest in blockchain solutions among the world’s banks and corporations.

Established names in the capital market sector are also looking at the tech for use in the gold trade. Last month, 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.

Image via Shutterstock

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in itBit. 

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.