FundsDLT, a distributed ledger market infrastructure, has successfully closed its Series A round of funding, according to the Luxembourg Stock Exchange.
The Series A funding sought out to strengthen the FundsDLT platform and “accelerate its commercial development”.
The blockchain-based platform is now set to change fund distribution with distributed ledger technology.
The Luxembourg Stock Exchange is just one of the financial institutions who have teamed up to develop FundsDLT.
Shareholders also include Clearstream, Credit Suisse Asset Management and Natixis Investment Managers.
Meanwhile, Martin Dobbins, a former State Street executive, has been elected as the chair of FundsDLT’s board of directors.
FundsDLT said it aims to shift the technological paradigm in the asset management industry using a decentralised network and application programming interface (API) to interface with legacy systems.
Additionally, FundsDLT intends to streamline a range of fund administration and order-routing tasks by using blockchain to automate several processes in a secure manner.
