Candriam buys stake in blockchain distro Iznes

Distribution2Blockchain-based fund distribution platform Iznes has added European fund manager Candriam as a shareholder as it looks to boost its international presence and its adoption among buy-side firms.

No financial details of the deal have been disclosed, nor has the size of the firm’s stake in the platform.

Belgium-based Candriam has been a contributor to the Iznes project for more than two years following its operational launch in March 2019.

Fabrice Cuchet, Candriam COO, said the deal underscored the firm’s determination to “invest in cutting-edge technologies and new operational solutions”.

Its investment in the platform comes after insurer Generali Vie and social protection provider Groupe Apicil both acquired equity stakes in January 2021.

In the same month Iznes also participated in the first instance of a funds transaction using a central bank digital currency in January 2021.

The transaction, which was hailed as a milestone for blockchain-based settlement, involved Banque de France, fund managers Groupama and OFI Asset Management, as well as custodians Caceis and Citi.

As of the end of April, the platform had enabled nearly €20 billion of transactions to be processed, according to Iznes.

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