The news today show that four financial giants just launched a blockchain technology platform for the investment fund industry named FundsDLT. The names of the partners include Clearstream, Credit Suisse Asset Management, the Luxembourg Stock Exchange, and Natixis Investment Managers.
All of these, according to the press release, are now featured in the blockchain news for announcing a Series A investment in FundsDLT to develop a new decentralized technology platform that will facilitate the distribution of funds based on distributed ledger technology (DLT).
The four financial giants are apparently working on a “groundbreaking” technology in the evolution of funds on distributed ledger technology (DLT). So far, this has been based on Ethereum – an open source and decentralized blockchain system used for cryptocurrency exchange and other applications.
The platform is also “reengineering” the fund distribution value chain, as the press releases note. From front to back offices, it is covering the “entire fund cycle.” According to Robert Scharfe who is the CEO of the Luxembourg Stock Exchange:
“The launch of FundsDLT is an important step toward our shared goal of promoting the adoption of blockchain and digital assets across the financial industry.”
Clearstream is also among the four financial giants working on FundsDLT now – a platform that aims to provide the opportunity to achieve greater transparency for the end investor on the intricate workings of fund distribution.
In more details, the crypto news today show that this platform would allow asset managers, distributors, asset servicers, and the entire supply chain to reduce their costs by removing any “redundant” activities. These would include the removal of barriers for accessing investment strategies, as Clearstream noted.
“The digital transformation poses some of the greatest challenges and opportunities for the investment management industry today, and blockchain can play an important role,” said Joseph Pinto, who is the chief global operating officer of Natixis Investment Managers.
FundsDLT is being built by four financial giants as a platform that will provide the opportunity to achieve greater transparency for the end investor on the intricate workings of fund distribution.
For more details about the development of this platform, be sure to tune into our blockchain news again.
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