Financial services giant Northern Trust has significantly expanded its work with blockchain and cryptocurrencies across the companys internal divisions.
In addition to adding a number of new blockchain features for managing its private equity workflow, the company, which has almost $10.7 trillion in assets under custody and administration, has also quietly opened its fund administration services to a number of hedge funds betting on bitcoin and ethereum.
While Northern Trust Hedge Fund Services had $370 billion in assets under management as of March 31, 2018, the financial institution is not currently taking direct custody of cryptocurrency.
Seems to be only a matter of time now, before the flood gate opens.