Global consultancy EY and New York blockchain startup Paxos have announced that they are co-developing new technology solutions for the gold market.

Aimed at providing new tools for the clearing and settlement of gold transactions, the partnership will see the two firms leveraging Paxos’ blockchain-based network, Bankchain, as a basis for the services.

David Williams, EY’s partner for capital markets innovation, said in a statement:

“We believe that the future of capital markets requires ever stronger and more innovative ecosystems, and expect this to be a key early example of the type of collaboration between FinTech firms and existing market participants that will truly transform the marketplace.”

The idea of using the technology to reshape how gold markets function has gained traction in the past year and a half.

Paxos, which rebranded to focus on blockchain solutions in tandem with its bitcoin exchange, announced this past summer that it was working with Euroclear on a similar project. The startup has moved in recent months to reposition itself amid growing interest in blockchain solutions among the world’s banks and corporations.

Established names in the capital market sector are also looking at the tech for use in the gold trade. Last month, the brains behind the exchange that inspired the Michael Lewis bestseller Flash Boys announced that they were looking to blockchain as they build a next-generation gold exchange.

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