Cardano (CRYPTO: ADA) CEO Frederik Gregaard said the network cut audit costs by 50% for institutions and listed a $100 million reinsurance product on the London Stock Exchange.
The Audit Cost Breakthrough
The Cardano Foundation posted 7,000 financial transactions using a product called Leccia on the blockchain.
Grant Thornton then used legal entity identifiers to download all transactions, compare them to the bookkeeping ledger, and sign the audit.
The process proved institutions can lower audit costs by nearly 50% while moving from spot checks to full architectural audits that examine all transactions, Gregaard told Cointelegraph at Paris Blockchain Week.
“Instead of a spot check of transactions, they can look at all the transactions,” Gregaard said. “We are the only blockchain who has enabled that using legal entity identifiers.”
The London Stock Exchange Play
Cardano partnered with Members Cap to tokenize exposure to Hannover Re, one of the …