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Global Funds Network Calastone Launched World’s Largest Blockchain Financial Services Community

By Emily Rys | May 22, 2019
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Global Funds Network Calastone Launched World’s Largest Blockchain Financial Services Community

The largest global funds transaction network Calastone has announced its complete development for blockchain-enabled Distributed Market Infrastructure (DMI) for fund trade services.

Per the press release, Calastone stated that this migration to blockchain system involving more than 1,800 customers across 41 markets. The movement symbolizes the world-first and largest community of global financial services transacting through distributed ledger technology (DLT).

Calastone also explained some advantages while switching to a full blockchain market infrastructure: “Financial services organizations around the world — whichever size and scale — can, through the DMI, now access a fully mutualized global funds marketplace whereby the trading, settlement, and servicing of funds is conducted in real-time.” Calastone said that this will solve the increasing cost problem, lessen operational burdens and risks inherent in comparison with the current model.

The DMI will also introduce a new service called 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 The Crypto Sight reported this week, South Korean capital Seoul has introduced its upcoming blockchain implementation in its citizen cards and reported about some achievements of blockchain application in the city.

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