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.
Euroclear 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 firm said.
According to the firm, the successful test paves the way for a full production launch sometime in late 2017.
Angus Scott, head of product strategy and innovation for Euroclear, said in a statement:
Euroclear isn't the only firm looking to bridge the worlds of blockchain and bullion.
In September, word emerged that the so-called "Flash Boys" behind the Investor's Exchange (IEX) were looking to develop a blockchain-based gold market. One of its backers later told CoinDesk that the group was looking to the tech to streamline data reporting and make the trading process more efficient.
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