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Calastone, the fund transaction network, announced plans to migrate to a blockchain-based platform in May 2019. The London-based company has 1,700 clients across 40 countries and processes £170 billion of transactions per month.
In a bold claim, the company estimates that blockchain or distributed ledger technology (DLT) could reduce the cost of fund distribution by as much as $4.2 billion a year. That excludes the U.S. fund market.
In a statement, the company notes that the funds industry still uses many manual processes and outdated technologies. Hence there’s a high cost of distribution. It believes the new system will enable friction-free trading, settlement and servicing of funds.
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