abrdn Joins Hedera Governing Council To Develop The Field Of Digital Assets

By working with the corporate network Hedera, UK investment firm abrdn is taking another significant step into the digital asset area.

The asset management, which manages $579 billion in assets, will join the Hedera Governing Council alongside Google, FIS, Standard Bank, and Nomura.

Duncan Moir, senior investment manager at abrdn, said:

“We’re really long-term investors. We see this as being a very long-term story for us and for the industry.” 

Hedera is a corporate DLT stack that performs transactions using the hashgraph consensus technique.

The consensus nodes, which decide transaction ordering, are managed by the Hedera Governing Council. They also administer the software and vote on network-related choices. The goal of Hedera is to build a publicly distributed network that provides the security and stability that large organizations demand.

abrdn, originally Standard Life Aberdeen, is a behemoth in the UK investment business. It was created in 1825 and provides a variety of investment services with an emphasis on investment solutions, tools, and technology for financial advisers, as well as a personal wealth company.

The company, which oversees 464 billion GBP ($529 billion) in assets, is looking into the future prospects of tokenizing investment funds using Hedera, with the objective of putting them on a digital market.

The trend to tokenize investment funds has lately gained traction, with KKR, a US investment firm, making its Health Care Strategic Growth Fund accessible on the Avalanche blockchain last month.

abrdn became the largest external shareholder in Archax, a licensed digital securities exchange in the United Kingdom, in August, with aspirations to utilize it as a vehicle for tokenizing traditional assets.

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