Calastone is bringing blockchain to Britain's major asset managers

Layer 1s • December 3, 2018, 9:28AM EST
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London-based global transaction network Calastone announced Monday that it will adopt blockchain to process trades for its 1700 clients, including major asset managers JP Morgan Asset Management, Schroders and Invesco. It is one of the finance industry's biggest endorsements of online ledgers and a rare example of the technology's widespread adoption in the city. Automating the UK's clunky process of manually buying or selling funds could be a boost to the struggling fund system, which is under pressure to reduce transaction fees, with Deloitte predicting a saving of up to $4.3 billion dollars. Aside from cutting costs, Calastone's chief marketing officer Andrew Tomlinson insists that adopting the blockchain database will also result in greater efficiency, safety and accuracy. (Source: Reuters)

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Isabel Woodford profile picture Isabel Woodford

Isabel is The Block's London and European reporter. She previously reported for Reuters in Madrid and London, following on from her time as a freelance journalist for the Guardian and the New York Times. She has a Bachelors in War Studies from King’s College London and a Master of Philosophy from the University of Oxford. Conflict of Interest: Edward Woodford, the CEO of SeedCX, is Isabel's brother. She does not report on any issues related to Seed or advise other authors in any regard.

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