BNY launches blockchain-based accounting for tokenized funds
BNY Mellon has launched a blockchain-based digital platform for transfer agency services, enabling the maintenance of ownership registries for tokenized funds. The new solution, operating alongside the bank's traditional system, aims to serve as a single source of truth, reduce intermediaries, and speed up settlement times. The initiative is part of a broader strategy to modernize Wall Street infrastructure.
The first client is UK investment firm Baillie Gifford, which will use the platform to launch the UK's first fully native, regulated tokenized fund. Other planned users include BlackRock and BNY's Dreyfus Cash Investment Strategies. Bank executives highlighted blockchain's potential to eliminate costly data reconciliation across disparate systems by providing a single, real-time ledger.
While acknowledging blockchain's transformative potential for financial market infrastructure, BNY noted that traditional systems will operate in parallel for years and that new risks, such as smart contract vulnerabilities, accompany the technology's adoption. BNY's transfer agency business currently services approximately $8.6 trillion in assets.
cryptonews.ru21 saat önce
