Calastone, one of the largest global funds transaction networks, is betting blockchain technology will save its customers billions in transaction costs.
The London-based company will move more than 1,700 financial services organizations, for which it processes mutual fund trades, to a blockchain network, Reuters reported Sunday. The company confirmed the move in a news release Monday.
Calastone will complete the transfer next May, Reuters reported. The company said the initiative could cut 3.4 billion pounds ($4.3 billion) in distribution costs. Current methods for processing fund transactions are costly and time-consuming.