Clearstream, Credit Suisse Asset Management, the Luxembourg Stock Exchange and Natixis Investment Managers have joined to back FundsDLT, a blockchain-based technology platform for the fund industry.

The Series A investment will help the startup commercially develop a novel decentralised technology platform to facilitate the distribution of funds based on distributed ledger technology (DLT). Originally initiated and incubated by the Luxembourg Stock Exchange and its affiliate Fundsquare, the platform is built using permissioned blockchain technology based on Ethereum.

FundsDLT is designed to allow asset managers, distributors, asset servicers and the entire supply chain to reduce costs by removing redundant activities, while providing the opportunity to achieve necessary transparency on end investors.

“The launch of FundsDLT is an important step toward our shared goal of promoting the adoption of blockchain and digital assets across the financial industry," stated Robert Scharfe, chief executive of the Luxembourg Stock Exchange.

Michel Degen, head of Credit Suisse Asset Management Switzerland and EMEA, said: “We continuously seek to ease the access to our products for clients - as part of our digitalisation journey, we consider FundsDLT as a further powerful lever to increase efficiency but also to create new distribution channels, enabling considerable benefits for both clients and asset managers.”

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