Financial Institutions to Develop Blockchain-based Platform
Several leading European financial institutions together launch a blockchain-based platform called FundsDLT for the investment fund industry. Among the institutions are Clearstream, Credit Suisse Asset Management, the Luxembourg Stock Exchange, Natixis Investment Managers.
As reported, the FundsDLT platform is based on the blockchain of Ethereum that assures privacy & high performance. It provides asset managers and servicers, distributors the ability to cut costs. The expenditure reduction is intended to be achieved by removing unnecessary activities while providing transparency and allowing the distribution of digital fund.
As CEO of the Luxembourg Stock Exchange, Robert Scharfe noted that the release of FundsDLT can become a crucial step in achieving their collective target; that is the blockchain and cryptocurrencies adoption in the financial industry.
He mentioned: “The Luxembourg Stock Exchange has played a catalyzing role in this development, and it is exciting to see the expanding ecosystem around FundsDLT,.”
Head of Credit Suisse Asset Management Switzerland & EMEA, Michel Degen, mentioned that they constantly try to provide their clients an easy access to their products, adding: “As part of our digitalization journey, we consider FundsDLT as a further powerful lever to increase efficiency but also to create new distribution channels, enabling considerable benefits for both clients and asset managers.”
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