Vanguard Group tests cryptocurrency blockchain platform

Vanguard Group is testing a blockchain platform that will allow asset management companies to trade cryptocurrencies, avoiding interaction with large investment banks.

Vanguard Group, an American investment corporation, has been working with blockchain technology for over two months, and several transactions have already been completed as part of the testing. It is estimated that if successful in the foreign exchange market with a daily turnover of $ 6 trillion, significant changes may occur – Vanguard will be able to surpass such large companies as JPMorgan Chase and Deutsche Bank AG, which have been leaders in the last decade.

Campbell Adams, who previously held the position of senior currency trader at Deutsche Bank, believes that this is quite possible if enough users join the Vanguard platform. He added that, theoretically, all this seems to be quite good, because it will be possible to save money by direct contact with those who pursue the same interests. Adamas nevertheless admits that the site will require a critical flow of users.

In addition, a representative of Vanguard said that the company is currently developing a project that focuses on improving efficiency and eliminating the risks of FX hedging.