The Company That Manages $500 Billion Joins This Altcoin’s Governing Council!

UK asset management firm Abrdn (ABDN) is about to continue its research into tokenizing traditional assets. Hedera (HBAR) altcoin He joined the Governing Council.

Abrdn Becomes 27th Member of Hedera Altcoin’s Governing Council

The Edinburgh-Scotland-based company has become the 27th member of the council that manages Hedera’s blockchain-like public transaction ledger. Like all other council members, Abrdn will operate a Hedera network node.

Abrdn, which manages GBP 464 billion ($529 billion) in assets, is exploring future possibilities to tokenize mutual funds using Hedera for listing on a digital exchange.

The steps towards tokenization of mutual funds have been gaining momentum lately, with the US investment giant KKR making the Healthcare Strategic Growth Fund available on the Avalanche Blockchain last month.

In August, Abrdn became the largest external shareholder of the regulated UK digital stock exchange Archax and planned to use it as a tool to tokenize traditional assets.

Hedera’s goal is to provide a public distributed network that, according to the developers, provides the security and stability large businesses will need.

Other members of the council include giants such as Google, IBM, Deutsche Telekom, Boeing, DBS and Nomura Holdings.

Yuga Labs, the founder of the ApeCoin (APE) altcoin, also recently established a new council to represent the community, according to a statement he made. The said council cryptocurrency will assume the role of advisor on decisions in the field.

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