IZNES: A Blockchain-based Mututal Funds Network Hails New Participants

Recently, 5 asset managers entered into a merger with OFI Asset Management and SETL, while participating as shareowner in IZNES. This blockchain-based mutual funds network was launched in 2017, after collaborating with 4 French asset management companies. The intention behind this partnership was to run the network at full throttle in first quarter of 2018. This followed by the live operation with OFI, where initial participants such as La Banque Postale AM,Groupama AM, Arkéa IS, Lyxor AM and La Financière de l’Échiquier joined as shareholders.

READ ALSO:  European Union Approves New Legislation Covering Crypto Market

SETL explains that the collaboration strengthens IZNES with the required support and means for the placement and production phases in Luxembourg and France due to be takeoff in 2018.

Another Thirteen asset managers will officially conjoin the project in near future. The patrons associated with the development of a seamless platform for this phase include Amundi, Allianz GI, Lazard Frères Gestion, BDL Capital Management, Mandarine Gestion, BNP Paribas AM, Candriam Investors Group, La Française, Aviva Investors, Sycomore AM, Pléiade AM, Natixis AM, and SMA Groupe.

READ ALSO:  LINE Will Launch Its Own Cryptocurrency

The industry linked with investment funds is recognized for its intricate post-trade procedures and numerous intermediaries, counting cost and time to the transaction lifecycle. As a result, the ability of dispersed ledger mechanism to provide required efficiency is being anticipated at large scale.

Calastone, a fund-handling network is going to shift its elementary network to a blockchain-aided platform.

The company appears to be quite optimistic while saying that this technology holds the ability to shred out over £1.9bn in costs from the prevailing transaction lifecycle.

READ ALSO:  India Crypto Trade Volume Ignores Central Bank’s Ban