Сlearing & settlement system Euroclear and bitcoin exchange itBit are planning to develop a system for settling gold trades.
The companies have entered into a partnership agreement under which itBit will provide Euroclear with the technology aimed at reducing risk and increasing asset mobility and liquidity in the London gold market. Both companies are negotiating with banks in order to implement blockchain network, which will ensure transaction clearing and closing.
Euroclear expects to simplify the transaction process and considers blockchain as a fundamental business technology in the future.
Euroclear is a Belgian-based financial corporation specializing in securities transactions and custody of assets. It performs a role of a central depository for a number of national securities markets.
itBit is the first American cryptocurrency exchange holding a license issued by the New York State Department of Financial Services. Through the establishment of the trust company, it has a status similar to the bank one.
