Fund Management
Credit Suisse Handles Fund Trades Via Blockchain - Report
The Swiss bank's asset management arm has successfully used the distributed ledger tech. to handle fund transactions, a report said.
The asset management arm of Credit Suisse has
“successfully tested” blockchain to process investment fund
trades, a move that could make transactions faster, a report
said.
Credit Suisse Asset Management used a platform using the
distributed ledger technology to process an unspecified number of
trades, Reuters quoted an online bank and an
order-routing platform as saying. The bank later confirmed the
details to this publication.
The bank and platform, Portugal’s Banco Best and Luxembourg-based
platform Fundsquare, were involved.
The report added that Credit Suisse confirmed the test was
conducted but did not say whether the asset management arm will
use the technology more widely.
Blockchain, which has been most widely associated with
crypto-currency bitcoin, has a variety of uses, ranging from
trade finance to exchange of medical information, its advocates
say. Enthusiasts hope it will make transactions faster, cheaper
and more secure.