Broadridge Now Conducts $70 Billion Of Blockchain Repo Trades Per Day by DelRayMan
DEK: While many early enterprise blockchain adopters failed to get to market, financial services firm Broadridge is now saving its clients $1 million for every 100,000 transactions using its blockchain platform.Financial services giant Broadridge is now facilitating $70 billion worth of repurchase agreements on the distributed ledger technology, called VMWare Blockchain, a 40% increase since February, according to German Soto-Sanchez, head of Broadridge’s corporate strategy.
By moving each step of the repo process, in which securities are purchased with an agreement from a third-party to repurchase them later, to the shared ledger, the $18 billion New York firm says it is saving customers $1 million for every 100,000 transactions they conduct. Repo transactions vary wildly at Broadridge, from as few as a thousand a day to as many as a million.
Though the company is known for its work using distributed ledger technology, similar to the blockchain that powers bitcoin, but with centralized control, Soto-Sanchez says his team’s Blockchain Center of Excellence now employs 40 people and is experimenting with a number of applications using public blockchains.to watch German Soto-Sanchez talk about the early failures of the so-called “Enterprise Blockchain,” and how Broadridge managed to get working technology to market.
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