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:
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