Microsoft-supported blockchain platform witnesses initial block transfer by LSEG
The London Stock Exchange Group (LSEG) has made a significant stride in the world of blockchain technology with the launch of its new infrastructure, Digital Markets Infrastructure (DMI). The platform, developed in collaboration with Microsoft and running on Microsoft's Azure cloud service, has already seen its first user in the form of investment manager MembersCap.
MembersCap has become the first to utilise LSEG's DMI for fundraising, carrying out the first transaction on this new platform. Archax, a digital securities exchange regulated by the UK's Financial Conduct Authority (FCA), acted as the nominee in the fundraising process. The fund raised is MCM Fund 1, marking the first fund raised using LSEG's DMI.
The launch of DMI comes at a time of significant volatility in the cryptocurrency market, with Bitcoin experiencing a notable pullback at the start of the week, moving from $116,700 to $114,700. This volatility has also led to a pile-up of long liquidations totalling $352 million on cryptocurrency derivatives exchanges. Some altcoins, including Dogecoin, have seen a decrease of up to 8% due to the bearish price action.
LSEG's DMI is designed to apply blockchain technology to traditional finance, offering a full range of the blockchain experience, including issuance, tokenization, and settlement. The platform is currently open only to private funds, but LSEG plans to expand DMI into additional asset classes in the future.
Microsoft will continue to collaborate with LSEG to scale the blockchain platform, and Bill Borden, Corporate Vice President at Microsoft's Worldwide Financial Services, commented on the collaboration, praising the potential of DMI to revolutionise the financial industry.
In addition to MembersCap, institutional alternative asset manager EJF Capital has also been onboarded as an early adopter of LSEG's DMI, with some of its funds expected to become available on the platform soon.
As LSEG's DMI continues to grow and evolve, it is clear that the future of finance lies in the integration of blockchain technology. The successful fundraising of MCM Fund 1 marks a significant milestone in this journey, demonstrating the potential of DMI to transform the way we approach finance and investment.
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