Clearing and settlement services firm Euroclear has expanded the scope of its blockchain-based gold trading platform project, eyeing a full launch for later this year.

Euroclear announced today that it completed the second stage of testing for its platform, developed in partnership with blockchain startup Paxos, with a group of 16 financial institutions including Citi, Scotiabank and Société Générale. More than 100,000 bullion settlement transactions were conducted over a two-day period, the firm said.

The pilot comes months after Euroclear announced the completion of the first phase, during which about 600 transactions were conducted. Euroclear first unveiled the platform in June.

According to the firm, the successful test paves the way for a full production launch sometime in late 2017.

Angus Scott, head of product strategy and innovation for Euroclear, said in a statement:

Euroclear isn't the only firm looking to bridge the worlds of blockchain and bullion.

In September, word emerged that the so-called "Flash Boys" behind the Investor's Exchange (IEX) were looking to develop a blockchain-based gold market. One of its backers later told CoinDesk that the group was looking to the tech to streamline data reporting and make the trading process more efficient.

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Paxos.

Gold bars via Shutterstock