Today giant asset manager Vanguard outlined details of its latest blockchain project. It’s exploring blockchain for foreign exchange forwards for the over the counter currency market. It conducted a proof of concept collaborating with BNY Mellon, State Street and Franklin Templeton.
This follows other blockchain projects for managing index data and asset backed securities (ABS), all in collaboration with New York enterprise blockchain firm Symbiont.
“For more than two years, we’ve been developing blockchain use cases to help transform the capital markets,” said Warren Pennington, principal and head of Vanguard’s Investment Management FinTech Strategies Group. “The current environment emphasizes the need to streamline, automate, and secure critical business processes. When procedures are highly reliant on manual intervention and disconnected operations, it makes the markets vulnerable to disruption from crises and even simple manual mistakes.”
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