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Northern Trust’s private equity and hedge fund units to tap blockchain and cryptocurrencies
We keep reiterating quite often that FinTech innovation has been one of the swiftly growing sectors. FinTech gamut symbolizes the progressive enterprises that leverage cutting-edge technology to bring-in friendly financial products and solutions that are quite far more agile and pioneering compared to traditional financial institutions. And, it’s been evident that many global financial firms have already begun testing their luck, for instance, Goldman Sachs to JP Morgan, HSBC to Blackrock have lined up to have featured in the Blockchain technology.
Now, Northern Trust has come into the limelight for the technological touch to its hardcore business, as more than century-old financial company (to be precise 129 years old), deployed DLT-based blockchain system in private equity business and fund administration services to cryptocurrency hedge funds, which was originally launched back in 2017.
While Pete Cherecwich, the president of Northern Trust’s corporate and institutional services, mentioned Forbes that the company is working in partnership with three “mainstream hedge funds” that have recently added cryptocurrency to their portfolios.
The company, having an estimated over $10 trillion assets under its administration, intend to assist with managerial administrations cryptographic hedge funds and institutions even though it is not distinctively tech savvy in crypto resources, for instance, rendering superior services in aiding Anti-Money Laundering (AML) consistency and substantiating that the organizations’ 3rd party custodians are holding the cryptocurrency resources on their accounting platforms.
Cherecwich further stated while conversing with Forbes:
“I do believe that governments will ultimately look at digitizing their currencies, and having them trade kind of like a digital token — a token of the U.S. dollar — but the U.S. dollar [would still be] in a vault somewhere, or backed by the government. How are they going to do that? I don’t know. But I do believe they are going to get there”
In addition, NT has advanced its private equity platform to the first enterprise-grade version of Hyperledger Fabric. The company now plans to append some other new features to the platform and working on a method to safeguard the cryptocurrencies held in their custody.
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