Blockchain startup Paxos based in New York and Global consultancy EY stated that they try to develop some new technology solutions for the global gold market together.
Therefore, these two firms will use the Blockchain technology and network created by Paxos as base services for the future development to create some new tools for the purification and arrangement of gold transactions.
David Williams, the partner of Global consultancy EY, said:
“We think that the capital markets’ future needs stronger and more innovational developments, and hope this could be one of the main sample of the type of partnership between Finnansial Technologies firms and present market members that will really change the market.”
The main idea of using Blockchain tchnology to change the method of how the global gold market function, become very popular in resent few years.
Blockchain startup Paxos, which focus on creation of the new blockchain solutions using its bitcoin exchange, stated that it was working with Euroclear on the same task. The main aim, which Paxos stated for itself is to increase the interest in blockchain technology in the world and to show how this technology could improve the world’s bank systems and different international corporations.
The people who interested in the capital market sector noted the potential of using Blockchain technology in the gold trade. Moreover, the Michael Lewis bestseller Flash Boys stated that they would use blockchain to create the gold exchange of the next-generation.