American financial services provider Northern Trust with assets under management of $10.7 trillion has started to provide services for hedge funds focused on adding to portfolios cryptocurrency bitcoin and Ethereum.
— Forbes (@Forbes) July 31, 2018.
Since the first quarter of 2018 Northern Trust began a collaboration with three hedge funds. The company offered new services that are helping in the assessment of kryptonsite, pricing of assets, and compliance with AML regulations. However, the financial giant is yet to provide custodial services for cryptocurrency investors.
President, corporate and institutional services Northern Trust Pete Cherecwich expressed the opinion that in the future governments will have been digitizing Fiat money and will sell them as digital tokens.
Northern Trust is also engaged in developing solutions on the blockchain Hyperledger Fabric to support the private investment business. According to Cherecwich, the company has introduced new software solutions to more than 100 customers.
In addition, at the end of 2017 Northern Trust has filed two related bloccano patent applications with the patent and trademark office (USPTO).
Previously Northern Trust in partnership with financial services company Broadridge, as well as banks JP Morgan and Banco Santander has successfully tested a solution based on blockchain for voting of shareholders by proxy.