Financial services consultancy firm EY has announced it will collaborate with Paxos, a fintech focused on blockchain solutions, for the rollout of a blockchain settlement service that looks to offer instant settlement and delivery versus payment (DvP) for the gold market.
EY will provide Paxos services and consulting support and work with gold market participants to help with industry-wide implementation of the new service, which will sit on Bankchain, Paxos' blockchain settlement platform.
"Gold market participants are showing interest in exploring how innovation can deliver tangible benefits. We see solutions such as Paxos' Bankchain as being very relevant and timely," said David Williams, partner for capital markets innovation at EY, in a statement.
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