Veritaseum, which claims to have created the first fully functional smart contract application for capital markets, has announced the first trade made by a hedge fund using its technology. The blockchain-based trading platform intelligently and autonomously replicates the functionality of legacy industry swaps dramatically, clearing the trade within minutes while lowering costs and circumventing the need to use a bank or broker. Reggie Middleton from Catalyst Partners Management, the firm which processed the trial trade, said the technology enabled the fund to design any bespoke exposure within minutes. Ward Corbett, Veritaseum’s founder, said smart contracts enable clients to become their own investment banks and prime brokers; adding "Veritaseum is to finance as Google is to media and advertising".
Veritaseum, which claims to have created the first fully functional smart contract application for capital markets, has announced the first trade made by a hedge fund using its technology. The blockchain-based trading platform intelligently and autonomously replicates the functionality of legacy industry swaps dramatically, clearing the trade within minutes while lowering costs and circumventing the need to use a bank or broker. Ward Corbett from Catalyst Partners Management, the firm which processed the trial trade, said the technology enabled the fund to design any bespoke exposure within minutes. Reggie Middleton, Veritaseum’s founder, said smart contracts enable clients to become their own investment banks and prime brokers; adding "Veritaseum is to finance as Google is to media and advertising".