Clearstream, Credit Suisse Asset Management, the Luxembourg Stock Exchange, and Natixis Investment Managers are to give financial backing to FundsDLT, a blockchain-based technology platform for the investment fund industry.
The move marks a major milestone in the evolution of FundsDLT, originally initiated and incubated by the Luxembourg Stock Exchange and its affiliate Fundsquare.
The Series A funding will be used to accelerate its commercial development.
Philippe Seyll, CEO of Clearstream Banking says: “FundsDLT is an international initiative that streamlines a number of activities along the fund distribution value chain and has the potential to reduce costs for the benefit of investors across fund and investor domiciles. This investment is a critical step in our digital strategy and will complement and strengthen our current Vestima offering.”
Fundsquare MD, Olivier Portenseigne, adds: “We look forward to working with our partners on the rollout of this new generation of market infrastructure and invite further fund managers, distributors, and other parties in the asset management industry to join us.”