Original sourceCoinDesk
Summary
BNY Mellon announced the launch of a blockchain-based transfer agency system servicing approximately $8.6 trillion in assets, establishing a single on-chain ownership ledger for tokenized funds. Initial clients include Baillie Gifford, BlackRock, and BNY's own Dreyfus unit, with plans to launch the…
Key points
- Demonstrates how a traditional financial giant is practically deploying blockchain to improve core business processes.
- BNY Mellon's blockchain transfer agency system sets a benchmark for tokenized financial market infrastructure, influencing the direction of the fund industry.
- Fund companies can lower operational costs through on-chain ledgers; investors may benefit from more real-time and transparent fund transaction records.
Editorial note
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