According to Forbes, Northern Trust is making a lot of moves in the Blockchain space including supporting hedge funds that hold cryptocurrencies.
Forbes reports: In addition to adding a number of new blockchain features for managing its private equity workflow, the company, which has almost $10.7 trillion in assets under custody and administration, has also quietly opened its fund administration services to a select group of hedge funds betting on bitcoin and ethereum.
Northern Trust has been helping the hedge funds by comparing the numbers they report with the actual amount on record at the customer’s cryptocurrency custodian. The firm further helps value the investment as part of its fund administration services, and records the value for its clients. Many of Northern Trust’s fund administration services were developed for traditional assets, but others, including new risk and control frameworks for anti-money-laundering, asset existence validation, crypto-trade reconciliations and the ability to handle new net asset value pricing arrangements, were developed specifically for cryptocurrency.