Fund administrator UMB Fund Services (UMBFS) has announced plans to integrate with Corastone, the permissioned distributed ledger infrastructure targeting the private markets sector. Private markets investment firm StepStone is the first UMBFS client to connect to Corastone. For UMBFS this is the second DLT announcement in the span of a week, having also revealed an integration with iCapital’s DLT solution.
Rather than a tokenization solution, Corastone’s focus is on streamlining workflows, a typical “single source of truth” enterprise blockchain use case. This reduces the need for reconciliations between fund administrators, asset managers and wealth managers, by providing a golden record of standardized investor and transaction data made available to the permissioned parties. Ultimately the goal is to enable straight through processing.
Corastone launched its DLT platform in November 2025, initially with Apollo and Morgan Stanley. KKR followed and last month Franklin Templeton launched a private markets model portfolio solution. In addition to these well known clients, Fidelity Investments, Future Standard, and Hamilton Lane joined the platform as investors in March. Corastone’s platform is based on the Hyperledger Fabric permissioned blockchain, a less common choice for such a new solution.
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