Paxos, a financial technology company delivering revolutionary blockchain solutions for global financial institutions, has unveiled its new brand.

The name “Paxos”, inspired by a technical term that represents a process for reaching consensus, underscores the company’s goal to leverage consensus-driven blockchain technology in transforming the way global financial institutions work together. The company’s flagship service, Bankchain, is a cloud-based platform-as-a-service (PaaS) solution transforming post-trade market infrastructures and back office processes for its global clients.

“Bankchain is a next-generation blockchain settlement platform that streamlines the post-trade process, unlocking new cost-savings and operational efficiencies without compromising on security”, the website reads.

Previously recognized under the innovative crypto-currency trading platform itBit, Bankchain has become established as an offering under the Paxos brand, the official release said. Bankchain delivers instantaneous settlement, offering market participants reduced risk exposure and increased operational efficiencies. Paxos’ strategic relationships with leading market participants and infrastructure providers such as Euroclear allow Bankchain to seamlessly connect to existing settlement systems.

itBit said last year the initial focus of the Bankchain initiative would be providing a blockchain platform for the gold and precious metals marketplace. Bankchain’s gold solution brings instant settlement and true delivery versus payment to the gold market for the first time.

“Increasingly, the financial services industry is embracing the transformative potential of blockchain technology. Paxos is making that potential a practical reality,” said Paxos CEO Charles Cascarilla. “Our collaboration with Euroclear to create a trusted blockchain settlement infrastructure for gold is just the beginning, and an important first for the industry.”

The Paxos team—whose leadership launched itBit—consists of experienced financial services professionals with post-trade and market infrastructure expertise, leading technologists and engineers. The company has offices in New York, London and Singapore, providing a strong presence in key global financial centers as it continues to grow its staff and services across capital markets.