abrdn plc, a global investment company based in Scotland that reports £508 billion in assets and 5000 employees, has joined the Hedera Governing Council. According to Hedera, abrdn will move to make Hedera the technology of choice for investment fund tokenization.
In a company statement, it was explained that abrdn believes that distributed ledger technology (DLT) has the potential to transform structural inefficiencies that exist in the fund management industry. The company views Hedera as a blockchain of choice due to its efficency and low energy utilization.
abrdn is expected to leverage Hedera to list digital assets on an exchange(s).
Duncan Moir, Senior Investment Manager at abrdn, said that becoming the first asset manager to be accepted onto the Hedera Governing Council strengthens his company’s position as a leader in the digital asset ecosystem.
“We chose to join a number of leading global organizations on the Hedera Governing Council, because Hedera’s emphasis on strong governance, innovation, and sustainability aligns closely with our values. With rapid speed and asynchronous Byzantine Fault Tolerance (ABFT) security, Hedera offers a highly promising DLT solution for the fund management industry and we look forward to joining them on their journey.”
Bill Miller, the co-chair of the Membership Committee for the Hedera Governing Council, said Hedera’s goal of bridging enterprises with the capabilities of Web3 aligns with the ambitions of abrdn.
“As abrdn leads the investment industry move into tokenized assets, the Hedera network provides them with the underlying technology to overcome barriers and offers an increasingly sophisticated experience to their clients, who pay for the layers of services that contribute to managing their assets.”
Hedera noted that with the fund management industry’s specific structural inefficiencies there are collaboration opportunities for abrdn to work with other Council members, including banks, law firms, and technology companies, to drive this transformation.