The transaction, for which no financial details were disclosed, adds to Euroclear’s other investments in the blockchain and digital technology market.

These include the 2021 acquisition of digital fund distribution platform MFEX and last year’s takeover of private funds digital  marketplace Goji.

The move is a further example of post-trade and market infrastructure providers such as Euroclear adopting blockchain technology to update its capabilities and to remain relevant in the future.

It is typically the estabished infrastructure players and post-trade groups that are highlighted as under threat from distributed ledger technology designed to remove intermediaries from the processing chain.

"We are convinced that the mutualisation of data and further automation of processes, supported by digital technologies, have a real potential to reduce the overall cost of funds distribution," said Philippe Laurensy, head of product, strategy and innovation at Euroclear.