Northern Trust Opens Fund Administration for Crypto Hedge Funds

Northern Trust Opens Fund Administration for Crypto Hedge Funds
фото показано с : blokt.com

2018-8-2 15:55

Northern Trust has recently expanded its efforts with blockchain and cryptocurrencies in a couple of areas. The 129-year-old firm manages over $10.7 trillion in assets and has recently added “new blockchain features for managing its private equity workflow.”  They have also allowed a small group of hedge funds, betting on ethereum and bitcoin, to use their fund administration services.  These developments are significant steps by a traditional finance institution in the blockchain and cryptocurrency space.

In an interview with Forbes, the company’s president, Pete Cherecwich, described his works with distributed ledger technology.

Blockchain Is an Exciting Concept

Cherecwich noted during his interview that everything from movie rights to “all sorts of entities” can now become a part of a tokenized economy. He added:

“We have to be able to figure out how to hold those tokens, value those tokens, do those things.”

The company’s newest blockchain initiative is to work with three previous unreported projects that could help in diversifying the firm’s portfolio. He did not name his clients in view of their nondisclosure agreements, but he explained that new services include helping these hedge funds with comparing the numbers reported vs. the actual amount on record at the customer’s cryptocurrency custodian. The firm also helps in valuing the investment and records it for its clients.

Several of the company’s services were developed specifically for the cryptocurrency sector, including new risk and control frameworks for anti-money laundering, crypto-trade reconciliations, net asset value pricing arrangements and asset existence validation.

Will Northern Trust Become a Crypto Custodian?

As of March 31, 2018, the Northern Trust Hedge Fund Services managed $370 billion in assets under management. However, it does not plan to become a cryptocurrency custodian anytime soon. Cherecwich instead is focused on the day when fiat currencies would become a part of blockchain. He iterated his belief that governments will eventually digitize their fiat currencies on a blockchain.

Northern Trust will also integrate distributed ledgers into its $77 billion private equity business. The prototype for his private equity platform was launched in February 2017 for Unigestion, a financial service firm based in Switzerland. It was developed using the Hyperledger Fabric. In only a few months, the prototype was converted into an enterprise-grade mechanism.

Northern Trust Opens Fund Administration for Crypto Hedge Funds was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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Источник: blokt.com

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