Several big-name asset managers, including KKR, Apollo Global Management, Franklin Templeton and Morgan Stanley, have signed up to use Corastone, a new blockchain platform that provides digital infrastructure connecting GPs, wealth managers and fund administrators and helps process fund transactions. According to published reports, KKR and Apollo also took minority stakes in the company.

Corastone claims to provide a single point of integration for GPs, wealth managers and asset managers and currently features end-to-end automation and real-time data. According to Corastone executives, in the future, the platform will also be able to process capital calls, valuation updates, redemptions and transfers. Corastone does not sell investment products or act as a fund distributor.

“We are thrilled to see the Corastone platform live with such a distinguished group of industry leaders,” said Rashad Kurbanov, co-founder and CEO of Corastone, in a statement. “This milestone validates our vision for how private markets should operate: faster, more transparent and ready to scale.”

According to a statement from Doug Krupa, KKR’s head of global wealth solutions in the Americas, “Innovations in product structure are making high-quality private markets investments more accessible, but complex operational processes continue to create barriers to entry, ultimately impacting the investor experience. We are pleased to collaborate with this group of industry leaders to support Corastone’s growth in unlocking greater participation in the private market ecosystem.”

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A story published by Bloomberg, attributing the information to Krupa, noted that after KKR purchased a minority stake in Corastone, it helped convince other asset managers to sign up as clients as well.

The financial services industry has seen an evolution in the fintech space in recent years, including the emergence of digital infrastructure platforms that execute private market transactions. For example, last month former Envestnet CEO Bill Crager became the founding partner at iAltA Holdings, a startup focused on building digital infrastructure to unify private market systems.