Fintech firm Calastone is aiming to save £3.4bn in fund distribution costs by moving more than 1,700 of its clients to blockchain.
The firm will complete the switch in May, which will be one of the industry's biggest transfers. The benefit of moving to blockchain is a simplification of processes and reduction in costs as information does not need to be re-entered at each stage of the fund transaction. Julien Hammerson, chief executive of Calastone, said the current system for transactions was "economically and operationally unsustainable". Evenlode's Peters: How blockchain will impact your portfolio Calastone is hoping to save £3.4bn from the transfer but said it was too early to say whether it would affect...
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