Yesterday funds distribution platform FundsDLT announced that it processed a fund purchase transaction which was initiated by an investor via a mobile app and settled via Clearstream, the Deutsche Börse post-trade arm. FundsDLT aims to help fund distributors to digitize their operations and connect with asset managers and investors. The cost of distributing funds are notoriously high.
Clearstream is an investor in FundsDLT alongside the Luxembourg Stock Exchange, Credit Suisse Asset Management and Natixis Investment Managers. The FundsDLT platform was developed by Fundsquare, a Luxembourg Stock Exchange subsidiary, together with IT company InTech and KPMG as an advisor. It uses an enterprise blockchain version of Ethereum.
In this transaction, the Zürcher Kantonalbank (ZKB) customer used a mobile phone app to place the order, which went via FundsDLT’s private blockchain and was settled by Clearstream’s fund settlement solution Vestima, with which ZKB is already integrated.
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