UK-Based Global Funds Network Calastone Switches Entire System to Blockchain

London-based global funds network Calastone announced that it switched its entire system for fund trade clearing services to its blockchain Distributed Market Infrastructure (DMI) in a press release published on May 20.

Per the release, the migration of the company’s over 1,800 customers over 41 markets “represents the largest community of global financial services organisations connecting and transacting via distributed ledger technology.” In the announcement, the institution also forecasts that the resulting savings for the mutual funds market will amount to over £3.4 billion per year ($4.33 billion). The release reads:

“Financial services organisations around the world — whichever size and scale — can, through the DMI, now access a fully mutualised global funds marketplace whereby the trading, settlement and servicing of funds is conducted in real-time.”

The bank claims that the system also brings a new service — dubbed the Sub-Register — “which creates a shared, real-time view and history of the registers between trading partners at any point in the distribution chain.”

As Cointelegraph reported at the time, Calastone stated in December of last year that it planned to launch its blockchain-based solution in May 2019.

Earlier today, Cointelegraph also reported that the South Korean city of Seoul will implement blockchain technology in the system underpinning its citizen cards.