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UK Investment Giant Abrdn Joins Hedera Governing Council to Advance Tokenization Goals
The Edinburgh, Scotland-based company becomes the 27th member of the council that runs the Hedera blockchain-like public ledger.
Updated May 9, 2023, 3:58 a.m. Published Oct 6, 2022, 1:00 p.m.
U.K. asset management firm Abrdn (ABDN) has joined the Hedera Governing Council to continue its exploration of tokenizing traditional assets.
The Edinburgh, Scotland-based company becomes the 27th member of the council that runs the Hedera blockchain-like public ledger. Like all other council members, Abrdn will run a Hedera network node.
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Abrdn, which manages 464 billion GBP (US$529 billion) in assets, is exploring the future prospects for the tokenization of investments funds, using Hedera, with the goal of listing them on a digital exchange.
The move to tokenizing investment funds has been gaining momentum recently, with U.S. investment giant KKR making its Health Care Strategic Growth Fund available on the Avalanche blockchain last month.
In August, Abrdn became the largest external shareholder in regulated U.K. digital securities exchange Archax, with plans to use it as a vehicle for tokenizing traditional assets.
Hedera's aim is to provide a public distributed network providing the security and stability that big businesses would require.
The council's other members include Google, IBM, Deutsche Telekom, Boeing, DBS and Nomura Holdings.
Read more: London-Based Asset Manager Fasanara Capital Establishes $350M Crypto VC Fund
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