Study: DLT can cut middle and back office costs by up to 85% by 2028

What does a bond cost if it is issued as a crypto security on a public blockchain rather than conventionally? Together with Cashlink and Marius Bauer, CFA, we compared a conventional bearer bond with a crypto security under the German Electronic Securities Act (eWpG) along the entire value chain – bottom-up, based on expert interviews and price and service schedules.

Key findings

• By 2028, DLT-based capital market infrastructures can save up to 85% of middle and back office costs.
• At the time of the study (early 2024), the savings potential was already up to 22%, depending on the assumptions.
• The biggest levers are corporate actions and asset servicing, and clearing and settlement.

Request the study

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Media coverage

• FAZ reports on our study on DLT cost savings
• “Bitcoin, Fiat & Rock'n Roll” podcast: why tokenised securities can be a game changer