Chicago-based financial services giant Northern Trust has recently begun utilizing blockchain and cryptocurrencies across multiple divisions.
According to a report by Forbes, the company has added several new blockchain features that are designed to aid in managing its private equity workflow. Northern Trust, which currently holds more than $10 trillion in assets that are under administration and custody, has also opened fund administration services to a number of hedge funds that are betting on Bitcoin (BTC) and Ethereum (ETH). This latest move stands as one of the more significant pushes into digital currency by a traditional financial institution.
In an interview with Forbes, the company’s president, Pete Cherecwich, provided information regarding Northern Trust’s commitment to blockchain moving forward.
Cherecwich, who has been with the company for eleven years, has noted that the blockchain efforts are being conducted alongside three unnamed but “mainstream” hedge funds that are interested in diversifying their portfolios with cryptocurrency investments.