Allfunds, the fund platform, is introducing blockchain technology to increase fund distribution capabilities.
The firm has created Allfunds Blockchain, a new business, and says blockchain-based solutions will flow from this, including a solution to major concerns surrounding data governance in blockchain “ecosystems”.
Allfunds, which distributes over 90,000 funds, says it plans to announce strategic agreements with “several top fund houses, distributors” and other players in the coming weeks.
The firm is also working with a number of companies outside the finance industry to “discover new possibilities” and with “top financial institutions” to test the technology, including smart contracts.
Juan Alcaraz, CEO Allfunds, said blockchain technology is known to deliver greater transparency, enhanced security, improved traceability, increased efficiency and speed of transactions.
“Having developed our own proprietary blockchain technology we will bring to market ground-breaking features and advantages to the wealthteach industry. We see great potential in this technology”.
Allfunds Blockchain will operate as a separate entity under the Allfunds umbrella and be led by Ruben Nieto, the firm’s previous head of innovation.
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