Post-trade services provider Euroclear and fintech company Paxos that delivers pioneering blockchain solutions, have announced the successful completion of the second pilot for new blockchain settlement service for London bullion ‘Euroclear Bankchain’ that is due to go live this year.

The first pilot program was held last December that saw more than 600 OTC test bullion trades settled on the Euroclear Bankchain platform over the course of two-weeks.

The second two-day pilot test included 16 market participants including Citi, Société Générale, MKS PAMP Group, INTL FCStone Ltd, Barrick Gold Corporation, NEX EBS BrokerTec and ED&F Man and saw over 100,000 settlements.

“It has been exciting to watch the growth of the Euroclear Bankchain pilot program over the last month. We doubled the number of firms and significantly increased interaction as participants were spread across six countries and four time zones. Most importantly, we're proving that the platform can deliver lower costs and lower risk for the London gold market,”
Seth Phillips, Bankchain Product Director at Paxos, stated.

Both the partners Euroclear and Paxos have worked closely with London bullion market and have executed successful pilot tests and obtained feedback on the Euroclear Bankchain service. The partners are on schedule for a production launch later in 2017 for the Euroclear Bankchain service.