Although the prices of Cryptocurrencies around the world have been in the bearish zone for quite a while now, blockchain adoption has not in anyway reduced. Based on a recent report, an Investment funds transaction network called Calastone, has announced plans to move its entire system to the blockchain and launch the world-first blockchain powered global funds marketplace.
Calastone to Complete Move by May 2019
Calastone which is also a founding member of the Linux Foundation-led Hyperledger Project made it known that it is likely to complete the movement of its data to the blockchain before the end of next year’s Q2. The firm has named the network it will be switching to — the Distributed Market Infrastructure (DMI).
Based on information sourced from the firm’s official page, Calastone mainly helps its numerous clients with the sales of their fund globally, through the use of banks and financial advisors.
It was also made known that Calastone’s client list consists of top-ranking financial institutions like JP Morgan Asset Management, Invesco and Shroders. The firm also made it known that it services “more than 1,700 organizations for which it offers back office and even middle office services in 40 global markets.”
According to the press release from Calastone, this switch is going to “radically transform how funds are traded especially in an era of rising costs by creating a global funds marketplace that will allow both buyers and sellers to connect and transact.”
Calastone has also made it known that this move is going to lead to more than “9 million messages involving transactions that are passed between various counterparties completed on the blockchain.”
The firm also made it known that the switch to blockchain technology from a preexisting centralized system for trades settlement in the United States known as the Depository Trust and Clearing Corporation, is estimated to save the “global fund industry approximately US $4.3 billion in annual costs outside of the U.S. market”.