Bank of Montreal applies blockchain for pension funds
The Canadian institution disposed of 250 million Canadian dollars at floating rate, which can be seen reflected thanks to this technology
The Bank of Montreal and Ontario approved the use of blockchain technology within the Teachers’ Pension Plan.
Specifically, the company traded 250 million Canadian dollars to the teacher’s pension fund in deposit notes at a floating rate for one year, which will be reflected by blockchain technology.
For this, the BMO Capital Markets division of the financial institution developed a system which will allow issuers and buyers to verify the status of transactions.
The head of global operations of BMO Capital Markets, Kelsey Gunderson, explained that this represents a very important step for the adoption of new technologies.
“This is an important first step in the development of a fully functional blockchain capability that we believe will eventually allow primary and secondary securities trading,” said Gunderson.
K. Tovar
Source: Bloomerang
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