A pilot on a blockchain-based gold trading platform has been successfully completed by a group of global banks and financial institutions recently. Some 600 test bullion trades were settled on the platform that has been developed by Euroclear in partnership with blockchain startup Paxos, according to news reports. The banks participating in the pilot included Societe Generale, Citi and Scotiabank. Euroclear is a transaction settlement service. It will now take up the project in order to provide faster settlement and cheaper services for unallocated gold on the London bullion market. Euroclear and Paxos said they plan to solicit feedback from other stakeholders in London’s bullion market and further hone the in-development platform.
