The giant of the financial services sector Northern Trust, which occupies 486th line of the Fortune 500 list, helps its clients to get acquainted with the crypto-currency ecosystem. This is reported by the Forbes.
Founded 129 years ago, a Chicago firm focused on institutional investors, corporations and high-income individuals, opened part of its services for cryptocurrency hedge funds, while exploring the possibilities for integrating the blockchain into its private equity unit.
According to the publication, Northern Trust has been working for several months with three "mainstream hedge funds", which began including cryptocurrencies to their investment portfolios.
According to the estimates, Northern Trust manages and stores $10.7B. Currently, the company does not provide cryptocurrency storage services directly, but it offers administrative services, such as assistance in assessing investments, meeting anti-money laundering requirements and verifying third-party custody services, for hedge fund interest and institutional investors interested in cryptocurrency.
President of the Northern Trust for Corporate and Institutional Services Pete Cherecwich, in a conversation with Forbes, said that although officially his company adheres to a prudent position in the issue of crypto-currency, it is ready for the fact that in the future the currencies on the blockchain will be issued at the state level.
I do believe that governments will ultimately look at digitizing their currencies, and having them trade kind of like a digital token — a token of the U.S. dollar — but the U.S. dollar [would still be] in a vault somewhere, or backed by the government. How are they going to do that? I don’t know. But I do believe they are going to get there.
President, Northern Trust for Corporate and Institutional Services
Cherecwich also said that within the framework of his organization there is a team consisting of more than a dozen specialists in blockchain and direct investment who must create a set of tools based on a private version of the corporate blockchain system of Hyperledger Fabric.
Last year, the head of the Northern Trust called for "prudent" regulation of the detachment, noting that "databases have never been regulated," and the establishment of new rules in this area carries "potential threats" too fast.