Calastone to migrate funds network to blockchain infrastructure

Calastone to migrate funds network to blockchain infrastructure

Funds transaction network Calastone has announced plans to migrate the technology underpinning the core of its network to a private and permissioned blockchain infrastructure.

Calastone’s network currently connects more than 1300 financial service organisations across 34 global markets processing over £80bn of trades and seven million messages each month.

The transition to a blockchain infrastructure is slated to take place in 2019. It follows a June PoC which the firm says verified the feasibility of using the technology to create a global marketplace for the trading and settlement of mutual funds.

Ken Tregidgo, deputy CEO, Calastone comments: “The funds industry is subject to increasing cost pressures, whilst investors continue to demand increasing returns and regulatory transparency. The initial shift we’re making towards blockchain marks the first major step to addressing these issues offering significant potential for the entire industry."

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