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Vandana Malik
Jun 12, 2020
by Vandana Malik

Vanguard Announces Completion of Blockchain Securities Trials

Vanguard
Vanguard, an asset manager has recently announced the successful completion of the first phase of its blockchain securities trials. According to the announcement, the first phase of trialling the settlements for its asset-backed securities which are based on blockchain has been done successfully.

For this pilot, Vanguard has partnered with Symbiont and two financial institutions, BNY Mellon and Citi to make it successful using the DLT network. Symbiont is an ABS and DLT provider which is based in the U.S. According to both Vanguard and Symbiont, in the later phases of this pilot, there will be an integration of smart contracts with the issuance and settlement process of ABS.

Vanguard describes pilot as efficient business model

It has been reported that by the end of April 2020, Vanguard has been managing $5.7 trillion worth assets across the world. Not only this, it is providing service to more than 30 million investors and has been offering more than 425 funds to them. According to Warren Pennington, head of Investment Management FinTech Strategies Group of the firm, this pilot is quite an efficient business model. He also specified that over time the firm will be able to increase both speed and transparency of the transaction. Along with this, it will also work in reducing the cost and the risk factor as well. As per the Mark Smith, chief executive of Symbiont, this pilot program have the potential to change the infrastructure of the capital markets using blockchain technology.

Partnership first formed in 2017

This partnership of Vanguard with Symbiont is not something new as both of them first partnered back in December 2017. That partnership was formed to carry forward an initiative that will improve the distribution of price index data by leveraging blockchain technology. It was announced by the firm back in October 2019 that it has started testing a peer-to-peer currency trading platform.

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    Vanguard Announces Completion of Blockchain Securities Trials
    Vandana Malik
    Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

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